Ondo crypto price pulled back on Friday as the crypto market dropped ahead of a big Bitcoin and Ethereum options expiry. It retreated to a low of $1.0255, down from this month’s high of $1.1228. The ongoing Ondo Markets growth and the inverse head-and-shoulders points to a rebound.
Ondo Crypto Price Technical Analysis Points to a Rebound
The daily timeframe chart shows that the price of Ondo crypto price bottomed at $0.6133 in June this year. It then rebounded and moved to a high of $1.1228.
A closer look shows that the coin has formed an inverse head-and-shoulders pattern. The head is at $0.6133, while the neckline is at $1.1228, and the two shoulders are at $0.90. A H&S pattern is one of the most common bullish reversal.
The coin has moved to the 23.6% Fibonacci Retracement level. It has also remained above the 50-day and 100-day Exponential Moving Averages (EMA), a sign that bulls are in control.
Therefore, technicals suggest that the Ondo Finance price will rebound in the near term. If this happens, the next price to watch will be at $1.4063, the 50% retracement level, which is about 36% above the current level. A drop below the support at $0.90 will invalidate the bullish forecast.
Ondo Global Markets Growth is Accelerating
One of the top catalysts for the Ondo crypto price is the ongoing momentum in its Global Markets division, which was launched a few weeks ago.
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Ondo Global Markets has taken the real-world asset (RWA) tokenization to another level. It launched a platform that enables users from across the world to trade American stocks, exchange-traded funds (ETF). While the industry is highly competitive, the platform’s total value locked (TVL) has jumped to a record high of $255 million.
This is a notable achievement for a product that launched on September 3. It is also important as Ondo has not done major marketing efforts to promote the platform.
Other parts of the Ondo platform are doing well. For example, Ondo recently launched the USDY stablecoin on the Stella network. This launch seeks to make one of the biggest yield-bearing stablecoin available to more users. Its totl value locked has jumped to over $694 million, while the OUSG has added over $725 million in assets.
All this growth has boosted Ondo’s fees and revenue. It has made over $12 million in revenue this quarter, higher than the $4.19 million it made last quarter. This growth, together with the launch of the Ondo ETF will boost its price.
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