Exciting news for ONDO investors as the token’s price conquered the $1.37 weekly close mark to reach $1.45 and hint at a decisive upward price action in the coming week.
ONDO, like the crypto coins, is still reeling from Trump Dumps, which saw it dump much of its January gains earlier in the week.
However, two price-moving events over the last few hours are poised to help it close the week in the green after scaling above the $1.37 weekly, close to the highs of $1.42 in early Friday, Feb 7 trading.
The first was the announcement that Ondo Finance had successfully launched ‘Ondo Chain’ – a layer 1 blockchain network for tokenizing real-world assets (RWAs).
The move has the backing of leading Wall Street brands, with RWA tokenizer announcing the addition of Franklin Templeton, Google Cloud, Wellington Management, ABN Amro, and Wisdom Tree to the Ondo ecosystem design advisers.
Present at the Layer 1 Launch event was the President’s son, Donald Trump Junior, who was announced as the surprise closing speaker.
It should be noted that Don Jr is actively involved in the crypto space and even launched the launch of World Liberty Finance late last year, which would go on to receive the backing of the president.
However, it wasn’t just his appearance at the event that sparked optimism toward the token; it was the fact that the Trump-backed crypto-investing brand purchased $470,000 worth of ONDO tokens immediately after the launch.
ONDO Stands Ready for a Week of Gains
Trump’s backing has since helped the token rally put enough distance from the local bottom of $1.30 and break above the weekly close of $1.37.
It reinforces ONDO bulls that had already sent out multiple hints that they were ready to push the token above the Trump tariff rumble.
From a technical analysis perspective, ONDO has a Relative Strength Index (RSI) of 52, which means that though it currently hovers around the neutral zone, it does have a bullish intent.
The case for a growing bullish momentum is given weight by the MACD indicator that has not only been printing green histograms based on ONDO’s 1-day price action. The MACD and signal lines have also converged with the MACD line crossing from below, which typically signifies a dying downward momentum.
With fundamentals and technical indicators hinting at a bullish momentum, ONDO price forecasters are convinced the token will break out and set sight on the $1.6 resistance level next week. A rise above this mark would signal a run towards the all-time high of $2.14 SET IN December 2024.
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