Journalist
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Key Takeaways
72% of ONDO traders on Binance held long positions as the altcoin outpaced Bitcoin and Ethereum in terms of 24-hour gains.
Ondo Finance [ONDO] has finally broken out of its sideways momentum, climbing an impressive 6% over the past 24 hours.
This notable gain comes at a time when major cryptocurrencies, including Bitcoin [BTC] and Ethereum [ETH], are struggling.
Ondo Finance’s latest update
This price jump follows Ondo Finance’s plan to debut over 100 tokenized stocks and Exchange-Traded Funds (ETFs), scheduled for the 3rd of September.
At press time, ONDO was priced at $0.965, marking a 6% uptick over the past 24 hours. This surge has sparked massive investor and trader participation, resulting in a 45% increase in trading volume.
The notable rise in trading volume alongside the price jump signals strong upside momentum for the asset.
Meanwhile, ONDO’s impressive price uptick has triggered multiple breakouts on the four-hour chart, paving the way for the next leg up.
ONDO: Breaking down key levels
AMBCrypto’s technical analysis revealed that ONDO had turned bullish and was poised for a massive upside rally at press time.
On the four-hour chart, the asset has broken out of a bullish falling wedge pattern while also surpassing a key hurdle at the $0.95 level.
Source: TradingView
The Exponential Moving Average strengthened ONDO’s bullish outlook. Notably, along with the bullish breakout, the asset was also exhibiting a bullish crossover, with the 9EMA crossing above the 15EMA.
Based on recent price action, if ONDO holds above the $0.95 level, the bullish outlook remains intact, with room for a 16% rally toward the next resistance at $1.10.
However, this outlook would be invalidated if the asset falls below the $0.95 level.
ONDO traders’ bullish bet intensifies
Per the current market structure, intraday traders appeared to be closely monitoring this trend, as long positions significantly outweighed short ones.
Data from the on-chain analytics tool CoinGlass showed that the Binance ONDOUSDT Long/Short Ratio has climbed to 2.60, reflecting strong bullish sentiment among traders.
Source: CoinGlass
The metric further revealed that 72.26% of traders were holding long positions, while 27.74% were short.
