• 28 May, 2024
Markets News

ONDO’s Price Soars Amidst BlackRock’s RWA Push: What’s Next?

The surge in ONDO’s price, which hit an all-time high of $1.05 on March 31, has garnered widespread attention in the cryptocurrency market. Currently trading at $0.766826, ONDO has risen by 433% since February 1. This increase began in January and is due to a combination of factors that are attracting investors and affecting the market.

One of the pivotal catalysts behind ONDO’s remarkable climb is attributed to BlackRock, a prominent US-based investment firm with a significant influence in the cryptocurrency sphere. BlackRock’s actions have historically set off bullish trends in the market, most notably with its initiation of the Bitcoin bull run following its spot ETF application in mid-June. 

More recently, the firm’s foray into Ethereum-based tokenized funds has further stoked enthusiasm within the Real-World Asset (RWA) category, coinciding intriguingly with ONDO’s ascent from March 20 onwards.

The correlation between ONDO and Bitcoin has notably dipped to 0.34 over the past 30 days, a departure from previous levels seen since February 19. This suggests a degree of independence in ONDO’s price movement, potentially fueled by unique market forces surrounding the RWA narrative catalyzed by BlackRock’s involvement.

ONDO/USD 1-Day price chart, Source: TradingView

Technical indicators further illuminate the current state of affairs for ONDO. The 1-day Relative Strength Index (RSI) currently stands at 48.30, indicating a balanced market sentiment without leaning significantly toward overbought or oversold conditions. 

Traders are advised to monitor potential buying opportunities as the RSI approaches the oversold threshold of 30. Meanwhile, the 1-day Moving Average Convergence Divergence (MACD) suggests a bearish short-term momentum, with traders advised to await a bullish crossover as a potential signal for entry.

Despite these technical nuances, the broader sentiment remains positive for ONDO, as indicated by the 1-Day Know Sure Thing (KST), which underscores a favorable long-term trend trajectory. This aligns with the overall optimism surrounding the RWA narrative buoyed by institutional backing, paving the way for potentially sustained growth and market resilience in the coming periods.

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