ONDO DAO’s native token, ONDO, has emerged as immediately’s prime gainer, climbing almost 10% previously 24 hours.
The transfer extends an already robust weekly rally, with the token gaining over 20% previously seven days as rising demand continues to gasoline bullish momentum throughout markets.
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ONDO Rally Features Power: Constructive Sentiment Fuels Leveraged Bets
The surge in worth comes as market sentiment tilts more and more constructive. Santiment information reveals that weighted sentiment round ONDO is firmly in buy-side territory, reflecting rising optimism amongst merchants and traders. As of this writing, the metric stands at 0.554.
ONDO Weighted Sentiment. Supply: Santiment
The weighted sentiment metric analyzes social media and on-line platforms to gauge the general tone (constructive or unfavorable) surrounding a cryptocurrency. It considers the quantity of mentions and the ratio of constructive to unfavorable feedback.
When an asset’s weighted sentiment is constructive like this, there are extra constructive feedback and discussions concerning the cryptocurrency than unfavorable ones, suggesting a good public notion.
The extra the bullish bias towards ONDO grows, the extra retail merchants are impressed to take new buying and selling positions, which might drive up the token’s worth within the close to time period.
As well as, the rising bullish sentiment on-chain aligns with the broader upswing in futures exercise, with ONDO’s open curiosity now sitting at a nine-month excessive. At $586 million as of this writing, it has climbed 43% over the previous seven days.
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Rising open curiosity throughout an uptrend usually indicators recent capital getting into the market moderately than simply present positions rotating funds.
For ONDO, because of this its futures merchants are more and more prepared to again the token’s upside with leveraged bets, a pattern that may push worth positive aspects if momentum continues.
Can Demand Push It to a Six-Month Excessive?
On the every day chart, ONDO at the moment hovers above the assist ground fashioned at $1.01. If demand grows and this worth stage strengthens, it may propel ONDO to a six-month excessive of $1.23.
A profitable breach of this long-term resistance may open the door for a rally towards $1.40.
Then again, if shopping for falls and profit-taking resumes, ONDO may break under $1.01, resulting in a deeper decline to $0.85.
