- ONDO saw 14% gains but faced an overhead hurdle near the $1 level.
- Despite the recovery, the overall market sentiment on ONDO was still weak.
Like the overall market, Ondo Finance [ONDO] followed Bitcoin’s [BTC] rebound and posted over 14% recovery gains since the 8th of July.
Ondo Finance, a leading issuer of tokenized securities, netted 4% gains on the 10th of July, which coincided with its Pyth Network integration.
The partnership allows Ondo’s USDY/USD price feed to be featured across over 60 blockchains.
So, with over 10% gains netted since Monday, could ONDO bulls profit more, or is the steam over?
What’s next for bulls?
Source: ONDO/USDT, TradingView
ONDO’s impressive recovery, which started from the first demand zone and bullish order block at $0.9, hit an immediate resistance as of press time.
Based on the price chart indicators’ readings as of press time, both RSI (Relative Strength Index) and CMF (Chaikin Money Flow) were in a neutral position.
It meant that buying pressure and capital inflows improved, but were substantial for extra upward momentum.
Besides, the price had not closed above $1 on the 12-hour chart, which meant that, on a higher timeframe, ONDO’s market structure hadn’t shifted to bullish yet as of press time.
So, ONDO could retest the demand zone 1, especially if BTC fails to reclaim $60K in the short term.
However, bulls could have market leverage and seek an extra 10% if ONDO closes above $1 and eye the range-high of the descending triangle.
Ondo Finance’s weak sentiment
Source: Santiment
ONDO’s bull could be delayed further based on Santiment’s data, which showed weak sentiment, as revealed by the negative Weighted Sentiment.
Read Ondo Finance’s [ONDO] Price Prediction 2024-25
Additionally, the daily active address, marked by yellow, has dropped significantly since the 5th of July. It meant that fewer users or addresses were transacting ONDO, which could further delay the extra upswing.
However, a bullish BTC could invalidate the above thesis.
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