- Ondo Finance’s massive ONDO deposit on Coinbase underscores the impact of large transactions on cryptocurrency market dynamics.
- Withdrawals by new wallet holders reveal strategic profit-taking amid $ONDO’s price surge, exemplifying savvy investor behavior.
- Altcoin Sherpa’s targeted re-entry strategy and bullish outlook based on Fibonacci levels indicate a meticulous approach to cryptocurrency trading.
The digital asset known as the RWA token, bearing the ticker symbol $ONDO, witnessed an impressive surge in its market value, escalating by approximately 93% over a span of five days.
On March 22, a significant transaction was noted involving the Ondo Finance multi-signature wallet, identified by its address 0x677. A deposit of 49.9 million $ONDO tokens, valued at $36.38 million, into the Coinbase cryptocurrency exchange platform at a rate of $0.729 per token was noted.
Subsequently, a noteworthy activity was observed as ten new wallet holders proceeded to withdraw a combined total of 49.7 million $ONDO tokens from Coinbase. These withdrawals, valued at approximately $36.9 million, were carried out at an estimated price of $0.743 for each token.
This maneuver resulted in a collective profit of $9.93 million, marking a 26.9% increase in value within a mere three days. These developments underscore the dynamic and rapidly evolving nature of the cryptocurrency market, highlighting the significant financial movements within the sector.
The crypto analyst Altcoin Sherpa recently took to X to share insights and forecasts regarding the cryptocurrency ONDO, expressing a mix of regret and strategy in trading actions. He lamented selling a portion of his holdings too soon while still retaining a stake in the asset, signaling a cautious yet optimistic stance toward reacquiring more at favorable prices.
Altcoin Sherpa’s strategy involved seeking re-entry points, particularly eyeing the price range between .66 and .61, indicating a precise plan to enhance his position based on market movements.
Further analysis from Altcoin Sherpa pointed to a promising future for ONDO, as depicted in a comprehensive chart analysis. This analysis highlighted a crucial breakout from a symmetrical triangle formation, a pattern that typically suggests a continuation of an existing upward trend.
Key to this bullish outlook are the Fibonacci retracement levels, which serve as markers for potential resistance or support. ONDO’s price movement beyond the 0.618 Fibonacci level is seen as a bullish signal, with eyes now on the 0.786 level as the next critical hurdle. Surpassing this could aim for the previous peak, as indicated by the 1.0 Fibonacci level.
Ondo (ONDO), a cryptocurrency, has seen a significant surge in its market value, with the price hitting $0.9734, marking an impressive 30.27% increase within a single day. This bullish trend is reflected in the trading volume, which has swelled by a staggering 138.54% to $409 million.
The rising volume indicates a growing investor interest in ONDO, which is also evident in the cryptocurrency’s market capitalization. It is now standing at $1.3 billion and placing it at rank #2 in market cap listings.
