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Ondo (ONDO) has seen a 10% gain in the last 24 hours, regaining key levels and attempting to break the downtrend, while most of the market continues to move sideways. Some analysts suggest that the new crypto-friendly government could push the token’s price to a new all-time high (ATH).
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ONDO aims to rally to new ATH
On Friday, tokenized real-world asset (RWA) platform Ondo Finance saw its native token lead the crypto market with a daily increase of 11%. The cryptocurrency rose above $1.50 for the second time this week, reigniting investor sentiment about the token.
In the last three months, the token has seen a 120% jump from $0.60 to its current price range. Furthermore, the post-election rally pushed the cryptocurrency to its latest ATH of $2.14, fueled by the buying frenzy of Donald Trump’s DeFi project.
In December, Trump’s World Liberty Financial (WLF) made a $45 million crypto purchase, acquiring millions in Ethereum (ETH), Chainlink (LINK), Aave (AAVE), and other tokens.
Mid-month, WLF purchased 134,216 ONDO tokens for 250,000 USDC, pushing ONDO’s price above $2. Nevertheless, the cryptocurrency’s bullish momentum was halted after the December 19 market correction, causing ONDO to return to $1 in the following days.
Since then, ONDO has failed to regain the $1.60 resistance level and has fluctuated between the $1.09 and $1.45 price range for most of the month. Crypto trader Miky Bull noted the token’s bullish performance as it tried to break out of the downtrend today.
The crypto has been in a month-long downtrend since hitting its last ATH, with an attempted breakout early in the year. Today, the token is trying to break out again and is currently staying above the downtrend line.
According to the post, the “king of RWA” breakout could target the $2-$3 price range. However, the cryptocurrency needs to stay above the $1.30 level to confirm the breakout. Furthermore, ONDO should remain near $1.50 to continue its bullish trajectory towards the $1.60 resistance.
New Pro-Crypto Administration to Fuel US Tokens?
Market watcher Detoshi be shows that ONDO has recovered an important level after its recent performance, which could support a rally to a new ATH. According to the post, the token has regained its previous ATH level, which was crucial resistance before the December pump and significant support during the smaller market corrections.
Meanwhile, also Altcoin Sherpa marked ONDO’s performance, stating that the cryptocurrency’s graph “looks strong,” adding that it was a “good beneficiary of a pro-crypto administration.”
Similarly, analyst Ted Pillows suggested that investors should “keep an eye on Trump and his wallet,” including ONDO, as these tokens are expected to perform well on the next leg.
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Notably, there was a “Made in the USA” category made on platforms like CoinGecko and CoinMarketCap for Trump’s inauguration. This category includes ONDO, TRUMP, SUI and other major players such as Solana (SOL), Cardano (ADA) and XRP.
Crypto Leaders and Investors anticipate that these tokens could be the “next big story,” fueled by the new US industry-friendly administration and the expected end of the “regulation by enforcement” approach led by the previous administration.
At the time of writing, ONDO is trading at $1.51, up 20% from the weekly time frame.
Featured image from Unsplash.com, chart from TradingView.com
