Ondo leads the top gainers in the top 100. It recently broke out from a previous horizontal trend that saw prices below $0.77.
The barrier remained intact over the last twenty days after the asset dropped below it on the last day of the previous month. It suffered an over 7% drop that resulted in the slip. However, attempts at breaking above it failed.
The first trial was on the first day of October when the altcoin opened trading at $0.75. It saw a notable spike in buying volume, resulting in further price surges. It peaked at $.79 as it faced strong rejections to its bids to flip $0.80. It retraced, dropping below its opening price and hitting a low of $0.68. It rebounded but closed with losses of almost 4%.
It attempted the mark again after a three-day uptrend on October 7. However, it failed due to solid rejections at $0.76. A similar move happened two days ago as it edged closer to the mark but failed to sustain the surge above it.
What Changed?
A recent integration gave the bulls the needed boost to break out. Ondo Finance announced it is bringing its yield-bearing treasury stablecoin USDY to the Sui ecosystem’s NAVI Protocol.
Traders who provided liquidity for USDY earned returns from multiple sources, including yields from the stablecoin and lending interest. They could also use USDY as collateral for borrowing while receiving yields.
The recent integration on Sui gives ONDO more trading volume as users interact with it via the NAVI protocol. Demand for the asset and its product also spiked in response. This explains the over 135% increase in trading volume over the last 24 hours.
Ondo May Continue the Surge
At the time of writing, indicators are positive. One such indicator is the moving average convergence divergence. It is printing a buy signal as the 12-day EMA recently intercepted the 26-day EMA in a bullish convergence. The divergence is ongoing, which may indicate further price increases.
The average direction index is also rising. It has declined since September and dropped to its lowest in over three months. The minor arc may indicate growing bullish sentiment among traders. This is likely the case as the relative strength index is also rising in response to the buying pressure the asset is seeing.
However, ONDO recently broke out from the Bollinger bands and surged above the upper band. A further uptrend may send it higher, increasing the chances of a massive correction.
Worldcoin Sees 10% Surge.
Worldcoin opened trading at $2.12 and experienced massive increases in buying volume, resulting in a price spike. It surged and edged closer to $2.50 but halted due to notable resistance at $2.46. Currently trading at $2.37, the asset is up by over 11%.
The latest increase comes after a three-day decline that started due to resistance at $2.60. Nonetheless, the relative strength index showed that the asset was overbought at the time, resulting in the decline. RSI is currently neutral, hinting at room for more price increases.
MACD is also positive as the 12-day EMA and 26-day EMA are on the uptrend. The ADX is seeing a similar trend as it’s on the rise.
However, the Bollinger bands are blaring warnings. WLD’s recent hike saw it test the upper SMA. Although it is trading within the upper and middle bands at the time of writing, further surge may result in another breakout. Such action may result in the end of the uptrends.
