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▲ ONDO / Source: X ©
ONDO, which has emerged as a hot topic in the market by joining the real-world asset tokenization project led by Wall Street's giant capital, is currently on a strong 5-day consecutive rising rally. With massive institutional capital inflows, key indicators in trading volume and the derivatives market have simultaneously hit multi-month highs, raising expectations that it is ushering in the beginning of an explosive bull market.
According to investment media FXStreet on May 5 (local time), ONDO is currently trading above $0.316, firmly establishing a short-term bullish bias. The key driver of this upward momentum is the news that ONDO has been officially selected for the industry working group for tokenization in the U.S. by the Depository Trust & Clearing Corporation (DTCC). Immediately after the announcement of this partnership, ONDO's price surged by more than 9% during Monday's trading session.
The Depository Trust & Clearing Corporation (DTCC) is a core infrastructure of the global capital market, holding over $114 trillion in assets and clearing $3,700 trillion annually. ONDO has become one of the key design partners in the process of this giant institution building tokenization services to bring the core of the U.S. capital market on-chain. The media evaluated this collaboration as a super positive catalyst that will fundamentally boost ONDO's institutional credibility and adoption rate, driving long-term token value appreciation.
According to on-chain data analysis platform Santiment, ONDO's trading volume surged to $278.49 million on Tuesday, marking its highest level since mid-October. The derivatives market is also heating up. CoinGlass data shows that ONDO's Open Interest on exchanges climbed vertically from $98.88 million on Saturday to $158.51 million on Tuesday. This suggests a significant inflow of new buying capital into the market, supporting a strong further rally.
From a technical perspective, the buyers' strong control is also evident. ONDO has secured solid support above the 50-day and 100-day Exponential Moving Averages (EMAs), which are key indicators supporting the rise. The Moving Average Convergence Divergence (MACD) on the daily chart is also rising above the 0 line, confirming positive buying pressure. However, with the Relative Strength Index (RSI) remaining in the deeply overbought territory around 78, there is also a possibility of a temporary breather or correction phase after the sharp short-term rise.
If further upward movement continues, the first resistance level is $0.336, the 50% Fibonacci retracement level. If this is breached, the price can quickly extend its gains to $0.368, the 61.8% level. If buying pressure extends the trend, $0.402, where the 200-day EMA is located, and $0.413, the 78.6% retracement level, are expected to act as major resistance zones. Conversely, if downward pressure intensifies, $0.304 will serve as the first defense line, and if this support breaks, the price could fall to $0.270, $0.265, and finally to the last bastion at $0.241.
*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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