ONDO broke a 6-month-long downtrend as whales went on an accumulation spree. The good news doesn’t stop there. Ondo has also been selected for the DTCC Industry Working Group, which means the network is now officially involved in a high-level institutional effort to design how tokenization will work in U.S. financial markets. With ONDO breaking a key resistance level, it will be interesting to see if the prices sustain above this threshold.
ONDO crosses $0.30 psychological level
ONDO crossed the psychological resistance level and reached above $0.30 after some whale activity was spotted. The token crossed above the 50-day moving average, an important level that traders look for.
For traders, the 50-day moving average is a widely used reference point for understanding trend direction and making trading decisions. When price is above the 50-day MA, traders generally view the market as bullish and look for buying opportunities, while price below it suggests a bearish environment where selling or caution is preferred. It is often used as a dynamic level of support or resistance, where traders may buy pullbacks in an uptrend or sell rallies in a downtrend.
More importantly, ONDO did not just break a resistance level, but it also ended a downtrend that it had been continuing for more than 6 months. This price recovery comes in the wake of an increment in whale activity.
As observed by a crypto research hub, the whales vs. retail delta turned positive again. When the “whales vs retail delta turns positive again,” it means that large holders (whales) are showing stronger net buying activity compared to retail traders. In simple terms, the difference between buying and selling pressure is shifting in favor of whales, suggesting they are accumulating more aggressively while retail participation is relatively weaker or more cautious.
Whales having a lot of capital means that the accumulation of that may be a positive indicator because they have access to inside information about the company or are aware of something. The accumulation of whales in such instances will most likely mean that bulls are building up before making a move into the market.
However, it is not a standalone confirmation of an uptrend, as price can remain sideways or even decline if broader market conditions don’t align.
Will ONDO sustain above this level?
To check if ONDO will sustain the grounds it recovered, it is important to zoom in on the price action. The below chart shows how ONDO broke above the 6-month-long downtrend. What seemed to like a consolidation phase on the daily chart was ONDO coiling like a spring before uncoiling with massive force.
During the coiling period, ONDO was forming the symmetrical triangle pattern. A symmetrical triangle is a chart pattern that forms when price is consolidating between two converging trendlines—one sloping downward (lower highs) and one sloping upward (higher lows). With decreasing distance between those lines, the price becomes more “compressed” to form a triangle.
What’s important about this formation being called “symmetrical” is the gradual reduction of control of buyers and sellers, where buyers tend to push prices to higher lows, and sellers push them to lower highs.
For traders, it means that this formation is considered a neutral continuation pattern, in which price forms a pause for further strong movement. Breakout could happen on either side with high volume.
In short, a symmetrical triangle reflects a period of indecision and tightening volatility, where the market is building energy before choosing a direction. However, this pattern has broken upwards, and it shows that the bulls are present. Going by the relative strength index indicator, ONDO is overbought and the market could correct the prices. And during this period ONDO could lose some value. However, it is important that the prices stay above the $0.28 level for it to sustain this gained momentum.
