DeFi
ONDO Approaches $1 Support Amid Bearish Trends But Poised for Future Bullish Rally » The Merkle News
Real World Asset (RWA) token $ONDO, known as the decentralized investment bank for DeFi, is currently facing bearish market trends, approaching the crucial support level of $1.
Despite these challenges, market analysts are predicting a potential reversal, with $ONDO poised to rise alongside Bitcoin ($BTC) in the next bull market cycle.
$ONDO is not in a favorable position in the market at the moment, approaching the next $1 support as downtrends continue. Anticipate a reversal, with Ondo set to rule at his side $BTC during the bull rally of the next cycle.
We have already seen a profit of 270% on this product. pic.twitter.com/IfVo3pnIEA– Decilizer (@decilizer) June 27, 2024
Recent reports on OnchainDataNerd’s channel reveal significant activity involving $ONDO.
Approximately 16 million $ONDO tokens, worth approximately $19.37 million, were transferred from Coinbase’s custodial wallet to several venture capital entities, including Teneo, Arrington and others, on platforms such as Bybit, Kucoin and Gate. This substantial transfer took place just a few hours ago.
A similar event two weeks ago resulted in a 20% price drop on $ONDO
Notably, a similar event took place three weeks ago, leading to a 20% drop in the price of $ONDO. The recurrence of such large transfers raises concerns about short-term price stability. However, it also highlights the strategic positioning of $ONDO within the portfolios of major institutional investors.
4 hours ago, 16M $ONDO (~$19.37 million) were transferred from #Coinbasethe custody portfolio of #Teneo & #Arrington & other VCs on #Bybit, #Kucoin & #Grid.
3 weeks ago the same thing happened and $ONDOThe price of has fallen by about 20%.
Address:https://t.co/UoBXXJewIF pic.twitter.com/qVqNmBUxrI
— The Data Enthusiast (@OnchainDataNerd) June 26, 2024
Despite the current bearish sentiment, the long-term potential of $ONDO remains strong. The token’s unique value proposition as a decentralized investment bank for DeFi positions it well for future growth. As the market prepares for the next bull rally, $ONDO is expected to play an important role alongside $BTC, benefiting from increased investor interest and broader market dynamics.
Investors should closely monitor the performance of $ONDO in the coming weeks, especially as it approaches the $1 support level. The token’s ability to hold or bounce off this support could signal that it is ready for a bullish reversal.
In conclusion, while $ONDO faces near-term market challenges, its fundamental strengths and strategic institutional support point to a promising future. As the DeFi space continues to evolve, $ONDO is well-positioned to capitalize on upcoming market opportunities, potentially leading the next cycle’s bull rally in tandem with Bitcoin.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.
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