Altcoins
Crypto Analyst Predicts Continued Growth for Altcoin Up 1,400% Year-To-Date
A prominent cryptocurrency analyst has reaffirmed his bullish outlook on Ondo Finance (ONDO), a digital asset with a market cap of $1.6 billion that has seen its value increase by over 1,400% since the start of the year.
In an article shared on the microblogging platform real-world assets and characterized the token as one of the “most powerful coins on the market,” 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.
Additionally, Altcoin Sherpa’s chart suggests that ONDO has remained above its 200-period exponential moving average (EMA) on the four-hour chart for over three weeks. In technical analysis, the EMA is used to gauge the price trend of an asset, and staying above a 200-day EMA is often considered a bullish indicator.
At the time of writing, ONDO is trading at around $1.2 per token after falling around 11% over the past week, while still up over 60% over the month last, according to market data.
Featured image via Pixabay.