Ondo price continued its strong recovery this week, helped by the ongoing growth in its recently-launched real-world asset (RWA) tokenization platform known as Ondo Markets.
Ondo token jumped for five consecutive days, reaching its highest point since July 22nd. This rally may continue as it has formed an inverse head-and-shoulders pattern on the daily timeframe.
The main catalyst for this recovery is that Ondo Markets, its recently launched trading platform is gaining momentum. Data shows that the total value locked in the platform has jumped to $180 million, meaning that it will hit the $200 million milestone next week.
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Ondo Markets is a new platform that enables users to trade and invest in tokenized stocks, indices, bonds, and exchange-traded funds. The advantage of the assets is that they are now traded on a 24-hour basis and are now available to most countries.
Ondo Global Markets has joined one of the fastest-growing segments in finance. Most recently, companies like Robinhood, Kraken, and Coinbase have launched these tokenized assets.
The platform will complement other solutions that Ondo offers. For example, the Ondo US Dollar Yield Token (USDY) has grown to over $693 million in assets and was recently embraced by Fidelity. It enables users to generate about 4.20% in APY.
The Ondo Short-Term US Treasuries Fund (OUSG) has accumulated over $724 million in assets and has a 4.14% yield.
Ondo Price Technical Analysis
The daily timeframe chart shows that the ONDO token price has jumped in the past few days. Most importantly, it has formed the highly bullish inverse head-and-shoulders pattern. This pattern often leads to more upside, especially when it crosses the neckline, which, in this case is at $1.1228.
Ondo price has moved above the 50-day and 100-day Exponential Moving Averages (EMA). With the Average Directional Index rising, the token will likely have a strong bullish breakout, potentially to the psychological point at $2, which is about 80% above the current level.
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