After a big flash crash during Friday seeing BTC once again test the 4H 200EMA support, the altcoin market took a much bigger hit that we've seen for some time.
In these times it's always good to see how projects react to these market conditions. A strong reaction at key areas after a big pullback can show that there are big players willing to add to or make new positions further increasing the validity of that support level and giving the project a platform to continue moving up. The best case we've seen of this is ONDO, as the chart shows a perfect pullback into the FIB levels which align with a bullish OB provide a great support area, a strong reaction has put price back to where it originally was before dropping with a textbook V-shaped recovery which is rarely found across the crypto market right now.
ONDO is a big player in the RWA sector, a lending protocol supporting tokenized securities as collateral. With open collaboration with massive entities such as BlackRock and Morgan Stanley and Larry Fink personally saying he believes in a Tokenised future. I think it's easy to see why the recovery has been so strong, perhaps even BlackRock themselves buying up the dip?
I think the future of ONDO is bright, now a TOP 100 coin and big time backers targeting range high will be dependent on BTC but with the halving coming soon I believe it will behave. Next Target is $1, the FIB EXTENSION levels often give good price targets but one step at a time.
In these times it's always good to see how projects react to these market conditions. A strong reaction at key areas after a big pullback can show that there are big players willing to add to or make new positions further increasing the validity of that support level and giving the project a platform to continue moving up. The best case we've seen of this is ONDO, as the chart shows a perfect pullback into the FIB levels which align with a bullish OB provide a great support area, a strong reaction has put price back to where it originally was before dropping with a textbook V-shaped recovery which is rarely found across the crypto market right now.
ONDO is a big player in the RWA sector, a lending protocol supporting tokenized securities as collateral. With open collaboration with massive entities such as BlackRock and Morgan Stanley and Larry Fink personally saying he believes in a Tokenised future. I think it's easy to see why the recovery has been so strong, perhaps even BlackRock themselves buying up the dip?
I think the future of ONDO is bright, now a TOP 100 coin and big time backers targeting range high will be dependent on BTC but with the halving coming soon I believe it will behave. Next Target is $1, the FIB EXTENSION levels often give good price targets but one step at a time.
Trade closed: target reached:
$1.00 reached, very bullish reaction from ONDO and further proof the RWA narrative a strong one for this Bullrun.
BTC is yet to reclaim the 4H 200EMA which makes alts still risky, going to be an interesting week with the halving in 4 days or so.
BTC is yet to reclaim the 4H 200EMA which makes alts still risky, going to be an interesting week with the halving in 4 days or so.