Ondo Finance crypto price has staged a strong comeback in the past few weeks. The token has risen in the past three straight days and is now sitting at its all-time high. It has jumped to a high of $0.7840, about 800% above its lowest point this year.
Ondo Finance has grown so much that its market cap has jumped to more than $1 billion, making it one of the biggest cryptocurrencies in the world.
What is Ondo and why is it rising?
Ondo is a big player in the crypto industry. It is a leading finance platform that provides institutional-grade solutions to people from around the world.
Its current ecosystem is made up of Ondo Finance and Flux Finance. Ondo Finance is a platform that is in the tokenization industry. It provides the US Dollar Yield (USDY) and US Treasuries (OUSG) token that lets people earn a return.
USDY has a total value locked (TVL) of $98 million while OUSG has over $101.40 million in assets. The two have an APY of 5.10% and 5.02%, respectively,
Flux Finance, on the other hand, is a DeFi platform that allows users to lend and borrow stablecoins against tokenized US Treasuries. Ondo is backed by the likes of the Founders Fund, Coinbase, and Pantera.
There are a few reasons why the Ondo price has surged recently. First, it has soared because of the growing number of users. The TVL in the ecosystem has jumped to over $206 million, which is a positive thing for the ecosystem.
Second, Ondo is gaining popularity among cryptocurrency users. It was one of the top-trending tokens in key platforms like StockTwits and Reddit. In most cases, the top trending tokens tend to do well.
Meanwhile, the developers noted that there will be some big transfers of ONDO tokens from the escrow account. These transfers will move to private investors in Ondo Finance, to service providers, and for diversification purposes.
ONDO price forecast
The four-hour chart shows that the ONDO token price has been in a strong bullish trend in the past few days. It has soared from this week’s low of $0.3876 to a high of $0.7822, its all-time high.
The token has flipped the important resistance point at $0.6585, its highest point on March 8th of this year. This price movement invalidated the double-top pattern. Further, the Relative Strength Index (RSI) and the Percentage Price Oscillator (PPO) have all continued rising, signaling that there is a strong momentum.
Therefore, the outlook for the ONDO token price is bullish as this momentum continues. If this happens, the next point to watch will be at $1, which is about 37% above the current level.
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