ONDO is poised for another breakout attempt from a double bottom pattern, with a potential target near $1.70, representing an upside of about 60% from the current level.
Summary
- ONDO price rebounded from a recent low of $0.95 after a failed breakout attempt on July 22.
- Price remains above the 20-day EMA and 50-day SMA, with a bullish crossover since mid-July.
- RSI reset to 61, indicating bullish momentum and potential for another breakout attempt.
- On July 23, 21Shares filed with the SEC to launch the 21Shares Ondo Trust, a step toward a spot ONDO ETF.
- New daily ONDO addresses have quadrupled in the past week, signaling growing network activity.
- Ondo Global Markets Alliance now includes over 25 companies, with Zodia Custody and Bitget joining recently.
- In July, Ondo acquired blockchain developer Strangelove and SEC-licensed broker-dealer Oasis Pro.
ONDO technical analysis
Ondo Finance (ONDO) price is steadily recovering from the recent dip to $0.95, following a failed breakout attempt from a double bottom pattern on July 22. On that day, the price briefly surged above the neckline near $1.13, peaking at $1.17, but lost momentum as the RSI got overheated, triggering a pullback.
The decline found support at the 20-day EMA, which has served as a reliable dynamic support throughout July. Importantly, ONDO price remains firmly above both the 50-day SMA and the 20-day EMA, which have maintained a bullish crossover since mid-July.
With the RSI now reset at 61 but still bullish, ONDO price appears poised for another breakout attempt. A decisive daily close above the $1.20 level would confirm a breakout from the double bottom pattern, potentially setting the stage for a move toward the $1.60–$1.70 range, based on the measured move target of the formation.
What’s driving ONDO price?
Recent developments around Ondo Finance have significantly boosted ONDO market sentiment.
On July 23, ETF issuer 21Shares filed a preliminary prospectus with the U.S. Securities and Exchange Commission to launch the 21Shares Ondo Trust, a fund designed to directly hold ONDO tokens. While technically structured as a trust, the filing is widely seen as a step toward a spot ONDO ETF.
Beyond the ETF news, activity on the Ondo network has accelerated. The number of new daily ONDO addresses has quadrupled over the past week, according to crypto analyst Ali Martinez.
Momentum is also building around Ondo’s upcoming Global Markets platform launch. As part of this initiative, the Ondo Global Markets Alliance has rapidly grown, now boasting participation from over 25 companies, with Zodia Custody and Bitget joining as the latest members in July.
Additionally, Ondo Finance recently bolstered its infrastructure with two key acquisitions: blockchain developer Strangelove and a U.S. SEC-licensed broker-dealer Oasis Pro.
