As the crypto market goes down, Ethereum has become the star of the show, with ONDO going against the market direction and surprising everyone.
While other well-known cryptocurrencies lost value, ONDO’s daily chart lit up green, which made buyers curious about where it would go from here.With a market value of over $1.14 billion and a price of $0.8269, ONDO is the 77th significant cryptocurrency and has gained over 5% in the last 24 hours, according to CoinMarketCap data.
This good trend has made investors more confident, as shown by the sharp rise in ONDO’s weighted opinion, which now ranks higher on the social prominence scale than even Ethereum [ETH].
Ethereum’s Shadow Casts Doubt On ONDO’s Social Surge
An rise of 117.4% in social interactions, as shown by LunarCrush’s most recent tweet, shows that people are becoming more interested in ONDO. There is a lot of talk about what caused this rise, and BlackRock’s role has gotten a lot of attention. After ONDO tested almost instant changes between Circle’s USDC stablecoin and BlackRock’s new BUIDL token, there was a significant rise in both volume and value on social networks.
But there are still doubts about ONDO’s ability to keep up its bullish rise. Analysts looking closely at Santiment’s data see that there is more buying pressure and less stock on exchanges, which suggests that investors are accumulating more. While a slight decrease in the supply held by top addresses concerns about whales taking profits, the rising MVRV ratio is also a cause for worry.
There are mixed signals from technical indicators. For example, the Chaikin Money Flow (CMF) shows that there might be a correction, while the Relative Strength Index (RSI) is positive. But the MACD is still negative, which makes ONDO’s path more complicated.ethereum
Hyblock Capital’s predictions for the future point to a possible resistance level near $0.87. If this level is broken, ONDO could quickly reach the desired $1 mark in the coming weeks.
