DeFi
$ONDO approaches $1 support amid downtrends but poised for future bull rally » The Merkle News
Real World Asset (RWA) token $ONDO, known as the decentralized investment bank for DeFi, is currently facing bearish market trends, approaching the crucial support level of $1.
Despite these challenges, market analysts are predicting a potential reversal, with $ONDO poised to rise alongside Bitcoin ($BTC) in the next bull market cycle.
$ONDO is not in a favorable position in the market right now, approaching the next support at $1 as the downtrends continue. Expect a reversal, with Ondo ready to reign alongside $BTC during the bull rally of the next cycle.
We have already observed a 270% profit on this product. pic.twitter.com/IfVo3pnIEA— Decilizer (@decilizer) June 27, 2024
Recent reports on OnchainDataNerd’s channel reveal significant activity involving $ONDO.
Approximately 16 million $ONDO tokens, worth approximately $19.37 million, have been transferred from Coinbase’s custodial wallet to several venture capital entities, including Teneo, Arrington, and others, on platforms such as Bybit, Kucoin, and Gate. This significant transfer occurred just a few hours ago.
A similar event two weeks ago resulted in a 20% price drop in $ONDO
It is worth noting that a similar event occurred three weeks ago, leading to a 20% drop in the price of $ONDO. The recurrence of such large transfers raises concerns about short-term price stability. However, it also highlights the strategic positioning of $ONDO within the portfolios of major institutional investors.
4 hours ago, 16M $ONDO (~$19.37M) were transferred from #Coinbasecustody portfolio #Ténéo & #Arrington and other VCs on #Bybit, #Kucoin & #Grid.
3 weeks ago the same thing happened and $ONDOThe price has dropped by about 20%.
Address:https://t.co/UoBXXJewIF pic.twitter.com/qVqNmBUxrI
— The Data Nerd (@OnchainDataNerd) June 26, 2024
Despite the current bearish sentiment, $ONDO’s long-term potential remains strong. The token’s unique value proposition as a decentralized investment bank for DeFi positions it well for future growth. As the market prepares for the next bull rally, $ONDO is set to play an important role alongside $BTC, benefiting from increased investor interest and broader market momentum.
Investors should closely monitor the performance of $ONDO in the coming weeks, especially as it approaches the $1 support level. The token’s ability to hold or bounce off this support could signal that it is ready for a bullish reversal.
In conclusion, although $ONDO faces short-term market challenges, its core strengths and strategic institutional support point to a promising future. As the DeFi space continues to evolve, $ONDO is well-positioned to capitalize on upcoming market opportunities, potentially leading the next cycle’s bull rally in tandem with Bitcoin.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.
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