Altcoins
Ondo and this popular Altcoin are eyeing a huge bullish week ahead; Will they trigger a 25% increase?
Since the beginning, the price of Ondo has maintained a strong rise, aiming to reach consistently higher highs. Furthermore, Ethena broke out of the uptrend and also made a healthy retracement. Therefore, it appears that ONDO and ENA prices are preparing for the next price action, which could increase levels by a minimum of 10% to 15% before the end of the month.
Markets are nearing the end of the first half and historically this transition has resulted in another bullish period as volume moves in their favor. Currently, markets are experiencing excessive volume compression, suggesting a considerable decline in trading activity, which is expected to trigger a massive burst in the coming days. Considering the ONDO price rally, a new ATH above $1.6 is imminent, which could occur in the coming weeks.
ONDO price is trading in an ascending parallel channel and after reaching the upper resistance, the token triggered a 20% pullback. After consolidating in the mid range for a while, the price is gearing up for another run. However, the highs are quite close to around 10% and so the next bullish surge could surpass these levels in a short time. So, the next price target for the rally is around $1.63, which could be reached in the last days of the month.
On the other hand, Ethena price seems to have made a healthy retracement and hence a further rise could begin very soon.
The bears have shown extreme strength in the recent past, due to which the rally has recorded huge bearish candles in a row. Despite this, the RSI managed to stop the ongoing downtrend and is using all its strength to trigger a rebound. However, the MACD is showing the presence of bearish strength and hence the token is expected to consolidate below the crucial resistance at $0.766 for some time and trigger a further rise towards $1.
Altcoins are showing strength at a time when the price of Bitcoin is stuck in a range. Furthermore, altcoins are also said to be significantly undervalued, as they are at almost 80% of their heights, compared to 10% for Bitcoin. Therefore, a momentary change appears to have occurred which could have a significant impact on the prices of Ondo, Ethena (ENA), and the majority of altcoins.