Ondo Finance Hits An All-Time High Despite A Greedy Market

The price of Ondo Finance is currently trading at $0.8985, having gained 16.75% over the previous day. The coin performed better than the cryptocurrency market, which saw a 4.51% increase in market capitalization during the same period. Today, ONDO outperformed BTC, recording a 13% gain against the biggest cryptocurrency in the world.


                                                                                                         Source: CoinMarketCap 

What's been driving Ondo Finance’s massive price gains over the past 30 days?

The coin has gained over 100% over the last 30 days, indicating that Ondo Finance is on the rise and that the momentum will most likely continue. Ondo Finance's medium-term trend has been positive; during the last three months, ONDO has increased by almost five times. The price of Ondo Finance peaked at $0.9744 today, marking the date of its all-time high. 

Recently, ONDO has shown a lot of volatility; its one-month volatility is 17.33. In the previous 30 days, 16 green days were recorded by Ondo Finance.

Technical Analysis

Right now, the Fear & Greed index is reading Greed, and the sentiment in the Ondo Finance markets is Neutral. The key resistance levels are $0.739343, $0.773394, and $0.800451, while the most crucial support levels to monitor are $0.678236, $0.651179, and $0.617128.

One popular indicator that tells investors if an asset is currently overbought or oversold is the Relative Strength Index (RSI 14). With an RSI 14 of 65.11, Ondo Finance appears to be neutral right now.

The closing price of Ondo Finance for the previous 50 days is factored into the 50-day Simple Moving Average (SMA 50). Ondo Finance is currently showing a bearish signal by trading below the SMA 50 trendline.

On the other hand, the 200-day Simple Moving Average (SMA 200) is a long-term trendline that is determined by averaging the closing price of the ONDO over the previous 200 days. The fact that ONDO is currently trading below the SMA 200 indicates a bearish market.

Uncertainty about Ondo Finance’s future

Three indicators are currently indicating a bearish forecast for Ondo Finance, while six indicators are currently indicating a bullish one. 67% of the indicators point to a successful forecast. As a result, Ondo Finance is viewed as neutral overall.

The Cryptocurrency Market Is Currently Chaotic

The Fear & Greed index is currently at 80 (Greed), indicating that investors are optimistic about the state of the market. An indicator of investor sentiment in cryptocurrencies is the Fear & Greed index. Although a "Greed" reading can also mean that the market is overpriced, it also implies that investors are currently upbeat about the cryptocurrency market. Conversely, a "Fear" reading indicates that investors are presently wary of the cryptocurrency market, which may indicate a buying opportunity.