Real asset (RWA) ONDO token soared to a new all-time high of $2.14 in early Asian trading on Monday. The rally follows news of the cryptocurrency project’s Donald Trump, World Liberty Financial, purchased 134,216 ONDO Tokens for 250K USDC.
With a strong upward trend, ONDO Token price is likely to continue to increase in the short term. This analysis explains why.
Ondo Hits New Peak Thanks to Donald Trump
According to the chain flow analysis platform Arkham IntelligenceDonald Trump’s cryptocurrency project, World Liberty Financial, spent 250K USDC to purchase 134,216 ONDO Tokens via Cow Protocol during early Asian trading hours on Monday.
Tokens were purchased at an average price of $1.83, causing a short-term spike in ONDO prices following the large purchase. This pushed the RWA-based token to an all-time high of $2.14 before it corrected slightly.
Despite this correction, ONDO is still up 17% over the past 24 hours and ranks as the market leader. This price increase was accompanied by a corresponding increase in ONDO’s daily trading volume, which exceeded 120% during the review period.
When an increase in trading volume accompanies an asset’s price increase, it signifies strong market interest and participation. This suggests that the price increase is supported by real demand for the asset and not just speculation. This combination implies the potential for sustained upward momentum as more and more traders buy into the asset.
On-Balance Volume (OBV) of ONDO increased, confirming this accumulation trend. At the time of writing, it hit a seven-month high at 1.74 billion, up 3% in the past 24 hours.
The OBV index tracks the cumulative volume of an asset. It adds volume on up days and subtracts down days to measure buying and selling pressure. When OBV increases during a bull run, it signals that the price increase is supported by strong buying interest, suggesting that the uptrend can be maintained.
ONDO Price Prediction: Still Room for Growth
On the daily chart, ONDO trades at $2.05, slightly below its all-time high of $2.14, which has formed a resistance level. If this resistance is successfully overcome, ONDO’s price will reach new highs.
However, if profit-taking picks up again, this bullish prediction will no longer be valid. In this scenario, ONDO Token price would lose recent gains and drop towards $1.79, its next major support level.