Ondo Finance Price Eyes Breakout to $0.50 Amid Tokenized Asset Growth

OnDO Finance (ONDO) is facing a crucial moment in its price action, with traders waiting for a decisive breakout. Analyst Michaël van de Poppe believes that the current compression could favor a bullish structure if buyers reclaim major resistance levels. According to Van de Poppe, $0.31 is the possible entry point in case ONDO undergoes another downward move.

If this bullish structure emerges, the first possible upside objective is $0.50. However, the outlook still requires confirmation as ONDO is trading below key resistance, and buyers need to build more strength before turning the anticipated rebound into something meaningful.

The TradingView chart analysis shows that Ondo is currently trading at $0.34846 under the 20, 50, 100, and 200 periods of its exponential moving average. Breaking above $0.37137 may show buyers gaining short-term momentum, clearing the path towards previous highs of $0.44000.

However, staying in the $0.31-$0.325 support range would maintain the compression pattern, while breaking out of this pattern may result in ONDO testing the $0.29500 level. Momentum indicators show caution as the 14-day RSI stands at about 45.97, below the 50 neutral level.

The falling market activity regarding ONDO reflects limited conviction among traders, with a 37.93% decline in trading volume to about $143.26 million and open interest decreased by 1.20% to around $225.68 million. Both the falling volumes and declining open interest point towards increased caution on the part of traders.