ONDO Holds Strong Amid Market Sell-Off, Eyes Breakout from Falling Wedge
- ONDO remains resilient above key support despite Bitcoins drop below $84K.
- A breakout above $0.95 could trigger a rally toward $2.30 in the coming weeks.
- Mastercards integration of Ondo Finance strengthens its position in tokenized RWAs.
- Strong institutional backing and strategic partnerships support ONDOs long-term growth.
Ondo Finance ($ONDO) recently experienced a strong rally but is now facing a pullback alongside the broader crypto market. While Bitcoin (BTC) slipped below the critical $84K level, ONDO remains resilient above its key support. If market conditions stabilize, ONDO could be positioned for a significant rebound.
At the time of writing, ONDO is trading at $0.838 with a 24-hour trading volume of $323.47 million. The tokens market cap stands at $1.17 billion, representing 0.04% of the total crypto market. Despite the ongoing market correction, ONDO has maintained its structure, although it has seen a 7.41% decline in the last 24 hours.
ONDO Holds Key Support, Targets $2.30 on Breakout
Technically, ONDO is consolidating within a falling wedge pattern, a setup that historically signals a bullish breakout. The key support level remains at $0.80, which bulls need to defend to maintain momentum.
Resistance at $0.95 is the next major level to watch, as a breakout above this point could trigger a rally toward $2.30 within the next three to four weeks. Given current market conditions, this move may take time, but the setup remains intact.
ONDO Eyes Breakout as Institutional Support Grows
Beyond technicals, ONDOs fundamental strength continues to drive investor confidence. Mastercards Multi-Token Network (MTN) has onboarded Ondo Finance as its first provider of tokenized real-world assets (RWAs). This development marks a significant milestone, reinforcing ONDOs role in bridging traditional finance with blockchain technology.
Ondo Finance remains a leader in the RWA sector, boasting over $1 billion in Total Value Locked (TVL) and an 80% market share by the number of RWA holders. The project has secured strategic partnerships, including collaborations with BlackRocks BUIDL and the WLFI portfolio. With its strong institutional backing, ONDO is also benefiting from the growing #MadeInUSA narrative, positioning itself as a key player in blockchain-based financial markets.
With market sentiment gradually stabilizing, ONDOs ability to hold above its support levels could determine its next move. A sustained breakout above $0.95 could open the door for a significant uptrend, potentially reaching $2.30 in the coming weeks.
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Read more: https://www.tronweekly.com/ondo-holds-amid-market-sell-off-eyes-breakout/
Text source: TronWeekly
