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- An analyst predicts a potential rally for Ondo Finance’s ONDO token based on key support.
- ONDO could reach the $0.93 resistance level if it continues to rebound.
In a recent bullish movement, popular analyst Captain Faibik identified a probable rise for Ondo Finance’s (ONDO) cryptocurrency. In the chart, it challenged a crucial horizontal support at $0.68 before bouncing back.
ONDO Token Shows Potential to Reach Resistance Level and Beyond
According to the Descending Broadening Wedge Pattern, if the token price continues to rise, it may reach the $0.93 resistance level. Of course, $1 will be a viable target if it can overcome and break through this resistance.
At the time of writing, ONDO was trading at $0.7074, down 3.59% over the last 24 hours. In the short term, this coin has gotten a significant buying push, so how the market responds will be the key indicator of the probable future trend.
On the other hand, Ondo has released USDY on Aptos, allowing the Aptos ecosystem to easily acquire the first tokenized US Treasury asset on Aptos and exploit it across many dApps.
Ondo Spotlight: "Ondo launched $USDY on @Aptos—allowing the Aptos ecosystem to seamlessly acquire the first tokenized US Treasuries asset on Aptos and leverage it across various dApps." https://t.co/HbVOe1Indc
— Ondo Finance (@OndoFinance) August 6, 2024
Previously, CNF revealed that Hydro Protocol’s RWA project has launched with Ondo Finance and Injective integration, expanding DeFi prospects.
Hydro is the first LSDFi and RWA management protocol on the Injective network. This is another advancement, as we previously noted, after Ondo Finance’s integration with Injective, which introduced the USDY token to boost capital efficiency in Injective dApps.
Injective’s world-first RWA module, which supports FX, commodities, and other assets, promotes the adoption of tokenized assets.
The latest moves and events surrounding Ondo Finance indicate a positive future for its token. The test of critical support and subsequent rebound suggest potential upward momentum.
Meanwhile, the launch of USDY on Aptos demonstrates Ondo’s dedication to broadening its reach and improving the DeFi ecosystem. The integration with Injective, as well as the launch of Hydro Protocol’s RWA project, strengthen Ondo’s market position by opening up new prospects for capital efficiency and asset tokenization.
