Ondo Finance has defied the prevailing bearish market sentiment to rally 5% in the last 24 hours and recapture the crucial $1 mark. The news that Ondo had partnered with MasterCard triggered a momentary bullish momentum.
On Wednesday, Feb. 26, Ondo Finance announced that it had partnered with MasterCard to bring tokenized Real Word Assets to MasterCard’s multi-token network.
As part of this collaboration, Ondo’s Short-Term US Government Treasuries Fund (OUSG) will be integrated into MTN, allowing businesses to access the advantages of tokenized treasury products seamlessly.
This move comes amid growing institutional interest in the RWA sector. Note that a month ago, Ondo Finance that had entered into a similar partnership with Ripple Ledger (SRPL) n a deal that will see it deploy $185 Million worth of Ondo Short-Term US Government Treasuries (OUSG), its tokenized US Treasury fund to the layer 1 blockchain.
Market Reacts Positively to the ONDO News
The market reacted positively to the news, which helped it pause the bleeding that had been caused by Tuesday’s market crash. At the time of writing, ONDO is trading around $0.975 having slipped from the intraday high of $1.01 after rallying close to 5% in the last 24 hours.
The value gain was in defiance of the general market direction, especially when you consider that the industry market cap shrunk by a further 3.6% to settle around $2.78 Trillion.
Even with the slight uptrend reported today, ONDO is still experiencing significant bearish pressure, mirroring the broader market’s negative sentiment.
The daily chart reveals ONDO trading near a three-month low, struggling to breach the $1 mark.
From a technical analysis perspective, Ondo’s RSI of 31 implies that it sits firmly in oversold territory. The Moving Average Convergence Divergence (MACD) line is negative and the histogram consistently prints red bars.
These suggest a lack of buying pressure, indicating that ONDO will likely continue struggling below $1 for the next few days.
Despite the downturn, however, forecasters are optimistic about ONDO’s long-term performance. They expect it to rebound strongly once the market starts recovering and possibly rally to a new ATH of $5 before the year’s end.
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