A prominent cryptocurrency analyst has reaffirmed his optimistic outlook on Ondo Finance (ONDO), a digital asset with a $1.6 billion market capitalization that has seen its value surge by over 1,400% since the start of the year.
In a post shared on the microblogging platform X (formerly known as Twitter) with their over 217,000 followers, pseudonymous analyst Altcoin Sherpa, updated his analysis of ONDO, a utility token associated with a project that aims to tokenize real-world assets and characterized the token as one of “the strongest coins out there,” citing its recent technical performance.
According to the analyst’s chart, ONDO appears to have rebounded from a crucial support level, potentially signaling the continuation of its uptrend. This support level aligns with the 0.382 Fibonacci retracement level, a technical indicator derived from the Fibonacci sequence that can identify potential areas of price support or resistance.
Furthermore, Altcoin Sherpa’s chart suggests that ONDO has remained above its 200-period exponential moving average (EMA) on the four-hour chart for more than three weeks. In technical analysis, the EMA is used to gauge an asset’s price trend, and staying above a 200-day EMA is often seen as a bullish indicator.
ONDO is at the time of writing trading at around $1.2 per token after falling roughly 11% over the past week, while still being up more than 60% over the past month, according to market data.
Featured image via Pixabay.
