The price of ONDO has increased by 30% in the last 24 hours, making it one of the coins with the highest gains during this period. Before the recent rally, the token of the Real World Assets (RWA) tokenization project was down to $0.64.
In particular, a significant recovery could be linked to a significant buildup of familiar players. Could this help ONDO maintain its upward momentum?
BlackRock, once again supported by temperature
According to blockchain tracker Arkham Intelligence, Blackrock purchased $5 million worth of ONDO tokens on August 5. Before that, the world’s largest asset manager bought the same cryptocurrency using 3.11 million USDC.
This purchase brings the total number of tokens accumulated over the past 6 days to over $10 million. If this continues, it could help put upward pressure on the price of ONDO.
According to BeInCrypto’s findings, these accumulations remain part of Blackrock’s mission to enable instant settlement of tokenized assets in OUSG, a U.S. Treasury-backed token.
Learn more: What are Tokenized Real-World Assets (RWAs)?
In addition to the recent buying pressure, the Ondo blockchain has seen an explosion of activity. According to IntoTheBlock, the number of active addresses on the network has surged by 101% in the past seven days.
New addresses have surged by 44%, while zero balances have increased by 70% over the same period. The spikes in all three metrics clearly indicate user engagement.
This applies to both new participants making their first successful ONDO transaction and those joining the network that have not yet adopted the token. Generally, when a project experiences such an increase, it suggests that the price of the native token may benefit from it.
Therefore, if the activity on the Temperature Network continues to surge, the cryptocurrency’s value could easily surpass $0.72 in the coming days.
ONDO Price Prediction: First Target is $0.87
ONDO’s recent price rally means it is now 51.48% away from reaching its all-time high of $1.48. This bounce also appears to have provided a buy signal for the token.
If validated, the temperature is expected to offset the 38% drop since August 1st and reach $0.87.
In the chart below, this price is at the 38.2% Fibonacci correction. However, as per the golden rule, any cryptocurrency that wants to maintain an uptrend must hold the 38.2% Fibonacci level.
If this happens in cryptocurrencies, the fundamental strength of the previous bounce will be called strong, which could help the price reach the golden ratio of 61.8% at $1.10.
Learn more: How to invest in real-world crypto assets (RWA)?
Conversely, this prediction may be invalidated if ONDO fails to reach the swing high. If this happens, the token may approach the swing low of $0.50.
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