ONDO Price Hits $2.14: Did Trump-Backed WLFI Trigger the Rally?

The post ONDO Price Hits $2.14: Did Trump-Backed WLFI Trigger the Rally? appeared first on Coinpedia Fintech News

ONDO, a Real World Asset (RWA) token, has hit a new all-time high of $2.14, following a major purchase by World Liberty Financial, a crypto project backed by former President Donald Trump. According to Arkham Intelligence, the company acquired 134,216 ONDO tokens worth $250,000, triggering a sharp rise in ONDO’s price.

This surge represents a strong market reaction to the purchase, with ONDO seeing an impressive 17% increase in the past 24 hours. Interestingly, Real World Assets (RWA) market capitalization has also touched $21.8 billion, up 2.0% over the previous day. Showing that the sector is booming and will be a best buy in the coming months. Let’s see how ONDO is moving the clock for investors. 

Strong Demand Drives the Rally

The price surge is not just a result of speculation; it’s supported by real demand. ONDO’s price has increased by 17% in the past 24 hours, making it the top gainer in the market. Along with the price rise, trading volume has jumped by over 120%. This suggests that the rally is driven by real demand from investors, not just speculation. The surge in trading shows that more people are buying ONDO, indicating strong interest in the token.

Good Time to Buy? 

The On-Balance Volume (OBV) indicator, which tracks buying and selling pressure, has reached its highest level in seven months. This is a positive sign, as it shows that the price increase is supported by strong buying interest. When OBV rises with the price, it suggests that the rally has a solid foundation and may continue shortly.

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Looking Ahead: Can ONDO Keep Growing?

ONDO’s price is currently at $2.05, just below its all-time high of $2.14. If the price breaks above this level, it could reach even higher prices. However, if investors decide to take profits, ONDO might see a pullback to around $1.79, its next major support level. 

Notably, Ondo has hit a new ATH after a six-week rally, marking over 200% gains since early November. The price surge followed strong support at $1.37 last week and is now targeting a potential new high of $2.51, based on Fibonacci extensions. However, with the Relative Strength Index (RSI) at 78, there are signs of overbought conditions, hinting at a possible correction. Plus, ONDO’s futures Open Interest has surged, indicating continued market interest and potential for further gains.

With backing from Trump’s crypto project and growing investor interest, ONDO is showing strong potential for continued growth. Investors will be watching closely to see if the token can maintain its upward momentum in the coming days.

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