ONDO Price Climbs 10% — Is a Six-Month Peak on the Horizon?
ONDO DAO’s native token, ONDO, has emerged as at this time’s prime gainer, climbing practically 10% in the previous 24 hours.
The transfer extends an already robust weekly rally, with the token gaining over 20% in the previous seven days as rising demand continues to gasoline bullish momentum throughout markets.
ONDO Rally Gains Strength: Positive Sentiment Fuels Leveraged Bets
The surge in value comes as market sentiment tilts more and more optimistic. Santiment knowledge exhibits that weighted sentiment round ONDO is firmly in buy-side territory, reflecting rising optimism amongst merchants and buyers. As of this writing, the metric stands at 0.554.
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The weighted sentiment metric analyzes social media and on-line platforms to gauge the general tone (optimistic or destructive) surrounding a cryptocurrency. It considers the quantity of mentions and the ratio of optimistic to destructive feedback.
When an asset’s weighted sentiment is optimistic like this, there are extra optimistic feedback and discussions about the cryptocurrency than destructive ones, suggesting a favorable public notion.
The extra the bullish bias towards ONDO grows, the extra retail merchants are impressed to take new buying and selling positions, which might drive up the token’s worth in the close to time period.
In addition, the rising bullish sentiment on-chain aligns with the broader upswing in futures exercise, with ONDO’s open curiosity now sitting at a nine-month high. At $586 million as of this writing, it has climbed 43% over the previous seven days.
Rising open curiosity throughout an uptrend sometimes indicators contemporary capital coming into the market moderately than simply present positions rotating funds.
For ONDO, which means that its futures merchants are more and more prepared to again the token’s upside with leveraged bets, a development that may push price gains if momentum continues.
Can Demand Push It to a Six-Month High?
On the each day chart, ONDO presently hovers above the assist ground fashioned at $1.01. If demand grows and this value degree strengthens, it may propel ONDO to a six-month high of $1.23.
A profitable breach of this long-term resistance may open the door for a rally towards $1.40.
On the different hand, if shopping for falls and profit-taking resumes, ONDO may break beneath $1.01, resulting in a deeper decline to $0.85.
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