ONDO Price Eyes Breakout After Defying Yearly Lows – Can Bulls Push Through?

Crypto's latest underdog flexes resilience as ONDO bounces from rock bottom.

Key resistance now in play—traders watch for make-or-break momentum.

Will this altcoin mirror 2023's comeback kids, or join the graveyard of 'revolutionary' tokens? (Spoiler: Wall Street still doesn't get it.)

Momentum indicators are also leaning bullish. The Relative Strength Index has climbed to around 59, signaling growing strength but still leaving room before entering overbought territory. The MACD has formed a bullish crossover, with the MACD line moving above the signal line and shifting into positive territory.

Looking ahead, a breakout above the upper boundary of the descending channel, around $0.082 to $0.085, could pave the way toward the next targets near $0.090 and potentially $0.105, which correspond to the previous swing highs within the channel. On the downside, the immediate horizontal support lies at $0.072. A breakdown below this level WOULD increase the likelihood that the price remains trapped within the channel in the near term.

ONDO price rebound from the yearly low comes on the heels of a string of recent milestones on the fundamental front. Notably, Ondo Finance has recently brought its tokenized U.S. Treasuries to the XRP Ledger, completed a cross-chain settlement leveraging JPMorgan’s Kinexys and Chainlink, and introduced instant conversion functionality between its OUSG fund and PayPal’s PYUSD stablecoin.

Additionally, the company recently announced the formation of the Global Markets Alliance, a new coalition aimed at establishing technical and compliance standards for tokenized public securities. The alliance brings together key players including the solana Foundation, Fireblocks, BitGo, Trust Wallet, Bitget Wallet, Jupiter, and Newtoiwkr. The initiative sets the stage for the upcoming launch of Ondo Global Markets, a platform designed to enable applications and wallets to provide direct access to U.S. securities for non-U.S. traders.