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Ondo Reached A New Record High Despite The Gloomy Market

Ondo Reached A New Record High Despite The Gloomy Market

According to CoinMarketCap data, Ondo, a native token of Ondo Finance, has successfully achieved its highest level ever and was traded at $1.05 as of March 31. The observers believe that the cryptocurrency will not go any further down after its all-time high achievement. This anticipation hints at a positive outlook towards Ondo’s price, comprehending that it will not deviate from its shift.

Ondo’s Brief Price Analysis

Since its launch, Ondo has noticed consistency in its price rise, making a surge of 433% from February onwards. Furthermore, on March 31, it reached its all-time high, reaching a value of $1.05. 

According to Ondo’s technical analysis, it has achieved higher highs, knowing that each rise in the price chart is higher than the earlier one, indicating a bullish purchase volume. Moreover, the currency notes a higher low pattern, which indicates that when the price falls, it doesn’t fall as low as it did. This overall analysis helps us to understand that cryptocurrency owes no symptoms of a bearish phase.

Ondo Reached A New Record High
ONDO/USDT 12-hour chart

Grounds for Ondo’s Price Rise

Blackrock, an asset management company, owes its hand to Ondo’s price rise. The US-based Blackrock is well-addressed for having its influence in the market. Blackrock was the first to create a bullish trend in Bitcoin by filling out the application for spot ETF in June. This records the impact of Blackrock on Ondo’s price. 

Moreover, on March 20, Blackrock announced the fund based on Ethereum and the same day, the price of Ondo reached a low. However, the price of Ondo then started to rise by 172% and reached its all-time high on March 31.

Accordingly, Blackrock’s strong influence on the financial market counts towards Ondo’s price movement, knowing that its price rise impacts its connection with other altcoins. According to the data, over 30 days, the relationship between Bitcoin and Ondo has declined by 0.34. This suggests that Ondo’s price is relatively less dependent on bitcoin.

Also read: Hong Kong Authorities Suggest Self-Regulating The Crypto Corporation