Ondo Price Analysis
Bullish clouds are hovering over the crypto space as traders have become optimistic, followed by the approval of the spot Ethereum ETF. The traders became more sure of the next price action when the ETH price surged magnificently but fell short of a few dollars in reaching $4000. In the meantime, some altcoins have been maintaining a steep upswing while some are recording new ATH like Ondo, which has surged over 15% in the past 24 hours.
After such a massive rally, many may expect a bearish pullback, but from a larger perspective, the token appears to be preparing for a fresh upswing, targeting another 40% upswing.
The SEC approving the spot ETH ETF has catalysed the ongoing bullish upswing which has also led to the speculations of an altseason in a short while. ONDO price shot up by over 20% to reach $1.16 after consolidating below $1 for a few days. With this, the accumulated bullish momentum may assist a continued upswing for the rest of the month.
As seen in the above chart, the ONDO price has been maintaining a strong bullish trend since the beginning. Meanwhile, the price is facing some hindrances in rising above the average bands of the rising parallel channel, but the bulls may lift the levels very soon. The RSI is in an incremental stage and may surge to reach within the overbought levels. This may offer the required push, but the price may refrain from reaching the upper resistance level of $1.5.
Besides, the volume is also slowly piling up, which is offering the bulls the required momentum. Hence, the Ondo price is expected to maintain an elevated trend until the end of the month and discover new highs. Nevertheless, the price could rise and hit the upper resistance levels at $1.5 in the first few days of June, which will be a decisive phase for the token. If bulls hold their dominance, then a breakout could occur; otherwise, a rejection may cause the price to test lower support levels until it finds a strong base to trigger a rebound.
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