- Ondo Coin price has formed a cup-and-handle and a bullish flag pattern.
- The total value locked in its platform has jumped to a record high.
- Ondo Global Markets growth continues to gain momentum.
Ondo Coin price has pulled back in the past few days, moving from this month’s high of $0.4730 to the current $0.3695. This retreat may be brief, as the token has formed a highly bullish chart pattern amid Ondo Finance’s growth momentum.
Ondo Coin Price Has Formed a Bullish Chart Pattern
The daily chart shows that the ONDO token price has rebounded in the past few months, moving from a low of $0.2090 in February to a high of $0.4731.
A closer look shows that the coin has formed a few bullish patterns. The most notable aspect is the cup-and-handle pattern, a common bullish continuation sign in technical analysis. It is now in the cup’s section of this pattern.
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The cup has a depth of about 55%. Measuring this distance from the cup’s upper side points to a surge to $0.7440, which is about 102% above the current level.
ONDO Coin has also remained above the 100-day moving average, a sign that bulls are in control. It has also moved above the Supertrend indicator, which is a bullish sign.
At the same time, ONDO crypto has moved to the second stage of the Elliot Wave pattern. It will then move to the third stage of the Elliot Wave, which is typically the longest.
Ondo Finance Momentum is Growing
Fundamentally, Ondo Finance is doing well despite the ongoing crypto winter. Data shows that the network is generating substantial fees from the amount of assets on its platform. It has collected over $8.1 million in fees this quarter, meaning it will surpass the $13 million it collected in the first quarter.
This growth will likely continue as the total value locked (TVL) in the network has jumped to a record high of over $4 billion. This is important as it started the year at $1.95 billion. The USDY market cap has risen to $2.14 billion as customers chase the 3.55% yield. Also, the USDY TVL has jumped to $546 million, with its yield rising to 3.45%.
Most importantly, the total value locked in the Ondo Global Markets platform has jumped to over $1 billion a few months after its launch. This is important because it indicates that demand for tokenized assets on its platform is rising. It handled over $2.7 billion in volume last quarter and $1.56 billion this quarter.
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