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Today's overall crypto trend has been marked by slight pullback from the recent bull run.However, ONDO coin has emerged as a notable exception, continuing its upward trajectory over the last 24 hours. Despite the total cryptocurrency market capitalization experiencing a dip from $2.33 trillion to $2.28 trillion, indicating a -2.17% change, and a majority of coins showing bearish trends, ONDO stands out with a significant uptick in its value.
The broader crypto market has seen a slight downturn, with Bitcoin's price dropping by -1.97% to $61,319 and the overall trading volume decreasing by -2.17% to $481.20 billion. This bearish sentiment has affected 86% of the market, with most coins losing value. In contrast, ONDO has surged by 19.52% in the last 24 hours,Currently trading just near $0.50.
The current live price of ONDO is $0.465506, with a 24-hour trading volume of $232,272,105. It holds the #118 spot in market cap rankings, boasting a valuation of $645,900,858. With a circulating supply of 1,387,523,265 ONDO coins, its performance over the past week has been commendable, marking an 8.67% increase. This upward trend is not new, as ONDO has seen an 88.3% increase over the last month, adding significantly to its value.
ONDO's price action has been volatile, with attempts to breach the $0.50 mark being met with resistance just below $0.50. Despite a temporary setback where prices fell below $0.40, ONDO has recovered, consistently testing the $0.47 resistance. The immediate support and resistance levels to watch are $0.41 and $0.49, respectively, with $0.50 as the major resistance level.
The technical indicators for ONDO are largely positive, with the 14-Day RSI at 67.03 indicating bullish momentum. The Daily SMA and EMA both signal a buy, further reinforcing the bullish outlook for the coin. The key price levels based on today's pivot point analysis show strong support at $0.317094 and a key resistance at $0.50.
Another significant factor contributing to ONDO's bullish trend is Ondo Finance's recent announcement of its new tokenized security solution, Ondo Global Markets. This innovative approach to bridging traditional financial markets with DeFi by tokenizing U.S. Treasuries has generated considerable buzz and optimism within the crypto community.
Nathan Allman, the CEO of Ondo Finance, emphasized the potential of tokenized public securities in enhancing on-chain financial systems. This move not only underscores Ondo Finance's commitment to innovation but also positions ONDO as a potential key player in the evolving landscape of decentralized finance.
The current price action suggests bulls are consolidating near $0.417 and $0.47, with a potential breakout above $0.50 anticipated. Breaking this resistance level could propel ONDO towards the $0.60 price range, marking a significant milestone for the coin.ONDO coin continues to exhibit a bullish trend amidst a temporarily bearish broader market.
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