ONDO Signals Possible 120% Rally By June

Ondo Finance’s native token, ONDO, has recently broken out of a descending triangle pattern, signaling a potential bullish rally of up to 120% by June. This projection aligns with Captain Faibik’s prediction of a 2x rally in the coming days. The breakout, confirmed on the daily timeframe, suggests growing interest and confidence in the project’s future prospects.

ONDO Signals Rally With Bullish Pennant Breakout

As of May 17, ONDO is trading at $0.9519, up 10.40% in the last 24 hours. Its market cap is $1,322,849,498, ranking #66. The 24-hour trading volume is $248,426,052, a 15.23% increase in activity.

Moreover, the 1-day price chart shows ONDO consolidating within a descending triangle pattern in the past few months. This pattern consists of a horizontal support line and a descending resistance trendline, indicating a period of contracting volatility and tightening price range.

Recently, the price action broke above the descending resistance trendline, suggesting a potential reversal of the downtrend. If this breakout holds, technical analysts predict a price target equal to the widest part of the triangle’s formation. This translates to a potential upside of roughly 120% from the breakout level.

Historically, the breakout from the descending triangle pattern is a key signal for potential upward momentum. The chart displays robust price support around $0.80, with the Relative Strength Index (RSI) indicating increased buying pressure. The price chart reveals a sharp rise in ONDO’s value, breaking through resistance levels.

Reinforcing Bullish Momentum

Adding to the bullish momentum is Blackrock’s increased involvement with Ondo Finance. JTrades (@JTrades) noted on X that Blackrock has transferred $7 million USDC to ONDO over the past month. This significant investment by the world’s largest asset manager has further piqued interest in the token and its potential for growth.

Additionally, further supporting the bullish narrative is the on-chain data provided, which reveals substantial accumulation by whales and top holders. As of May 17, 2024, the whale balance stood at 1.14B ONDO tokens. The top holder balance was 1.11B ONDO tokens, indicating significant interest from large investors and market participants.

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