A few months ago, I wrote an article about Ondo Finance. In short, it’s a project specializing in the tokenization of real-world assets, more precisely US Treasury bonds, allowing investments in them with stablecoins. One of their partners is BlackRock. Today, we are going to look at the charts to see if it’s a good time to invest.
Price and Key Levels
It’s a very young token with only 6 months of existence. However, in those 6 months, prices skyrocketed :
Logarithmic scale
Going from $0.03 to $1.45 at its all-time high. That’s a 4600% increase ! So we are in a clear uptrend. The narrative of the tokenization of Real-World Assets (RWA) is surely a contributing factor. Right now, it’s in price discovery, making all-time highs, so we don’t have any resistance levels. But let’s look at some key support levels.
These are levels where the price is susceptible to bounce back if there is a retracement.
My Analysis
To predict future price movements. I use indicators such as the RSI and the Stochastic RSI. These allow me to measure the momentum of the current trend so I can anticipate reversals.
Let’s start with the RSI. We can see a divergence with the price making higher highs while the RSI is not. This shows the weakening of the trend. However, this is not a sign that the price will reverse right away.
Now let’s look at the Stochastic RSI. I will make an article on it soon because it’s one of my favorites.
This indicator is also a momentum indicator like the RSI. Here we can see that, just like in April, there is a divergence that signals the trend is becoming weak. So, I would not recommend investing a lot right away. If you believe in the project and want to create a position on $Ondo, I would recommend investing a small amount for now and then dollar cost averaging (DCA).
As always thank you for reading !
My favorite Crypto Faucet : Cointiply (referral)
Read exclusive articles on publish0x and if you want to support me for free you can sign in with this link
Disclaimer : This is not a financial advice, you need to do your own research !
