Ondo (ONDO) has reached a new record high after a continuous rise over the last 24 hours. During this period, ONDO's price jumped by more than 10%, making it the second-highest gainer on CoinMarketCap.

ONDO Achieves New Peak

Ondo has been on a steady upward trend since finding support at an intra-day low of $1.22. This rise reflects a broader upward movement seen over the past 30 days, with the price increasing by over 74% from a monthly low of $0.7369. At the time of writing, ONDO was trading at $1.36, marking a new all-time high and a 10.46% increase from its support level. This represents a 1520% jump from its all-time low recorded four months ago on January 18th.

The price surge has been accompanied by a significant rise in market capitalization and 24-hour trading volume, which increased by 9.50% and 12.15% respectively, reaching $1,889,288,777 and $260,300,488. This bullish trend is partly due to MANTRA’s announcement of a new savings vault supported by Ondo, using the USDY token.

Future Predictions and Resistance Levels

If ONDO’s bullish momentum continues past the $1.36 resistance, the next levels to watch are $1.50 and $1.70. However, if the price struggles to break the $1.36 resistance, it might drop back to the support level at $1.20 before attempting another rise.

ONDO Futures and Market Sentiment

During this rally, analysis of ONDO derivatives shows a positive sentiment, with trading volume rising by 9.47% to $377.47 million. Open interest (OI) has also increased by 10.26% to $250.07 million, indicating heightened trading activity and strong interest in holding positions, which suggests a positive outlook for future price movements.

On the ONDOUSD price chart, the Bollinger bands are widening, indicating a phase of high volatility, with the upper, middle, and lower bands at $1.40, $1.04, and $0.68838 respectively. The candlesticks are moving near the upper band, suggesting a strong upward trend supported by the price staying above the 20-day SMA.

However, the Relative Strength Index (RSI) is at 74, indicating that ONDO might be overbought and could see a pullback or price consolidation soon.

Despite this, the Chaikin Money Flow (CMF) remains positive at 0.19, showing that money is flowing into the market and indicating increasing buying pressure, which is a positive signal.

Conclusion

Overall, ONDO’s significant rise to an all-time high and the accompanying increase in open interest suggest strong market optimism. However, the high RSI indicates a potential for a pullback, making it crucial to watch the resistance and support levels closely.