As the market witnesses a fresh breeze of minor recovery, Ondo capitalizes on the newfound tailwinds. With a near 10% surge in the past 24 hours, Ondo is now trading at a market price of $0.8885.
Reclaiming the $2.8 billion market cap, Ondo hints at a potential bounce back to the $1 milestone.
ONDO Price Analysis
In the daily chart, the ONDO price trend showcases a quick V-shaped reversal from an $0.75 psychological mark. With an intraday recovery of 6% yesterday, the bullish trend continues, currently trading at 0.8898.
Currently trading near the 78.60% Fibonacci level, priced at $0.90, ONDO marks an intraday rise of 7.36%. This marks two consecutive bullish candles after a bearish spree of five red candles.
Amid the quick reversal, the MACD and signal lines are hinting at a potential bullish crossover. However, due to the prevailing downfall, the 50 and 200 EMA lines are close to a death cross event.
ONDO Price Targets
Based on the Fibonacci levels, the recovery run in ONDO is likely to retest the 200 EMA line close to the 67.80% Fibonacci level. This highlights a price target zone between $1.12 and $1.14.
On the flip side, in case of a post-retest reversal from the 78.60% Fibonacci level, the altcoin is likely to witness an intense correction. This could result in a pullback to the $0.59 crucial support level.
Analyst Signals Rising Demand With New Addresses
Supporting the chances of a bullish recovery, Ali Martinez, a crypto analyst, highlights a network activity surge on ONDO. As per the glassnode data in the tweet, the network has witnessed a massive surge of 390% in the number of new addresses.
This has recorded a price surge from 935 to 4559. This rise in the number of new addresses is likely fueling the ongoing price surge with the new surge in demand.
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