DeFi
$ONDO Approaches $1 Support Amid Bearish Trends But Poised for Future Bullish Rally » The Merkle News
The Real World Asset (RWA) token $ONDO, known as the decentralized investment bank for DeFi, is currently facing bearish market trends, approaching the crucial $1 support level.
Despite these challenges, market analysts are predicting a potential reversal, with $ONDO poised to rise alongside Bitcoin ($BTC) in the next bull market cycle.
$ONDO is not in a favorable position in the market at the moment, approaching the next $1 support as downtrends continue. Anticipate a reversal, with Ondo set to rule alongside $BTC in the bullish rally of the next cycle.
Previously we had seen a profit of 270%. pic.twitter.com/IfVo3pnIEA– Decilizer (@decilizer) June 27, 2024
Recent reports on OnchainDataNerd’s channel reveal significant activity involving $ONDO.
Approximately 16 million $ONDO tokens, worth approximately $19.37 million, have been transferred from Coinbase’s custodial wallet to several venture capital entities, including Teneo, Arrington, and others, on platforms such as Bybit, Kucoin, and Gate. This significant transfer took place just a few hours ago.
A similar event two weeks ago resulted in a 20% price drop on $ONDO
It is worth noting that a similar event occurred three weeks ago, leading to a 20% drop in the price of $ONDO. The recurrence of such large transfers raises concerns about short-term price stability. However, it also highlights the strategic positioning of $ONDO within the portfolios of major institutional investors.
4 hours ago, 16M $ONDO (~$19.37M) were transferred from #Coinbasethe custody portfolio of #Ténéo & #Arrington and other VCs on #Parbit, #Kucoin & #Grid.
3 weeks ago the same thing happened and $ONDOThe price fell about 20%.
Address:https://t.co/UoBXXJewIF pic.twitter.com/qVqNmBUxrI
– The Data Nerd (@OnchainDataNerd) June 26, 2024
Despite the current bearish sentiment, the long-term potential of $ONDO remains strong. The token’s unique value proposition as a decentralized investment bank for DeFi positions it well for future growth. As the market prepares for the next bull rally, $ONDO is expected to play an important role alongside $BTC, benefiting from increased investor interest and broader market dynamics.
Investors should closely monitor the performance of $ONDO in the coming weeks, especially as it approaches the $1 support level. The token’s ability to hold or bounce off this support could signal that it is ready for a bullish reversal.
In conclusion, although $ONDO faces short-term market challenges, its core strengths and strategic institutional support point to a promising future. As the DeFi space continues to evolve, $ONDO is well-positioned to capitalize on upcoming market opportunities, potentially leading the next cycle’s bull rally in tandem with Bitcoin.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.
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