ONDO Price Readies for Potential Breakout to $0.60 as Australian Expansion Bolsters Outlook
ONDO's price is showing intense compression as its trading range narrows, leaving limited room for further consolidation. This could lead to an explosion in volatility soon, with traders watching for a decisive move above resistance.
Jesse Olson, a crypto analyst, believes that if ONDO breaks through this resistance, it could strengthen bullish momentum and potentially reach $0.60.
However, the token's current setup is weak, with repeated rejection at key moving averages limiting bullish momentum. The RSI indicator also suggests that buyers lack the power to build a sustainable trend.
Derivative data shows cautious participation, with trading volume down by 0.78% and open interest down by 6.32%. This leaves ONDO exposed to volatility if participation resumes.
Apart from technical considerations, Ondo Finance is expanding into the Australian market through a partnership with Openmarkets Group of Australia. This could strengthen its real-world asset strategy and broaden global market reach.