Ondo (ONDO) has seen a significant increase of more than 5% in its price over the last 24 hours, as reported by CoinMarketCap. This surge comes amidst a market crash that saw many other cryptocurrencies in the red. At the time of writing, ONDO was trading at $0.8269 with a market capitalization exceeding $1.14 billion, making it the 77th largest crypto. Investors showed increased confidence in the token, demonstrated by a spike in ONDO’s weighted sentiment, surpassing even Ethereum (ETH) in social interactions.
The positive price action and rise in social interactions for ONDO can be attributed to a possible collaboration with BlackRock, where the token tested the ability to do near-instant conversions between Circle’s USDC stablecoin and BlackRock’s new BUIDL token. However, whether this hype can sustain ONDO’s bull rally remains to be seen. Technical indicators showed some bearish signals, with the Chaikin Money Flow (CMF) indicating a potential correction in price, while the MACD projected a bearish market. Despite this, the Relative Strength Index (RSI) pointed north, hinting at the potential for ONDO to maintain its uptrend.
According to analysis by Hyblock Capital, ONDO might face resistance near $0.87, with a successful breakout above this level possibly leading the token to reach $1 in the coming weeks. Additionally, data from AMBCrypto highlighted increasing buying pressure on ONDO as its supply on exchanges dropped, suggesting that investors have been accumulating more of the token. While there are some cautionary signs in the technical indicators, the positive sentiment around ONDO and the potential for further growth make it an interesting asset to watch in the near future.