Altcoins News
By Maheen Hernandez
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Ondo (ONDO) surged nearly 20% on Wednesday, breaking out of a prolonged downtrend and catching the attention of crypto investors.
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ONDO’s breakout was significant not only because of the price movement, but also due to the surge in trading volume.
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Despite the bullish excitement, ONDO's daily chart remains technically bearish. The most important level to watch is $0.915, which corresponds to the 78.
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Supporting this cautious stance is the On-Balance Volume (OBV) indicator, which has yet to make a new higher high compared to late March.
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On the flip side, on-chain metrics are signaling early signs of accumulation, which could support future bullish price action.
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Further supporting a bullish outlook, data from Santiment shows that daily active addresses — which had dropped sharply in mid-March — are starting to rise again.
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Another important metric, the 90-day MVRV (Market Value to Realized Value) ratio, remains in negative territory. This means most short- to mid-term holders are currently at a loss.
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While ONDO’s recent surge and improving on-chain signals are promising, traders and investors should keep a close eye on how the price behaves near the $0.915 resistance.
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In conclusion, ONDO’s 20% rally has injected fresh optimism into its outlook, but the real test lies just ahead.
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