The Ondo price was trading at $0.9713 as of 3:00 am EST, up 23% over the last 24 hours.
ONDO has rallied more than 38% over the last 72 hours and 21% over the last week. The RWA token is up 88% over the last month and approximately 10,000% since its launch in January.
ONDO’s latest performance has been attributed to the platform’s successful test of instant conversion between Circle’s USDC stablecoin and BlackRock’s BUIDL token, which sets a groundbreaking precedent for asset tokenization.
Ondo Finance exchanged $250,000 worth of BUIDL tokens for USDC, demonstrating the practicality of this innovative technology.
According to Nathan Allman, Ondo Finance CEO, the experiment aims to enable instant redemptions of Ondo Short-Term U.S. Government Treasurys (OUSG) tokens into USDC. This seamless conversion demonstrated how asset tokenization can streamline redemption processes and enhance liquidity for traditionally illiquid assets.
This showcased the potential of real-world asset tokenization, an industry that is rapidly expanding and seeking to integrate conventional financial products with blockchain technology.
Investors and enthusiasts continue to explore the potential of blockchain technology to transform financial markets as traditional finance and DeFi mix.
ONDO price uptrend remains intact
ONDO had escaped from a descending parallel channel at the time of publication, as shown on the daily chart below. A previous attempt to escape from the downtrend turned out to be a bull trap after the price turned down immediately after touching new all-time highs at $1.05 on March 31.
The latest breakout appears decisive, characterized by three consecutive bullish candles and a decisive close above the governing chart pattern.
The RSI is in the positive region at 63, suggesting that the bulls are in control of the ONDO price. ONDO’s upward movement will gain momentum once the RSI crosses 70 into the overbought region.
Increased buying from the current level would push the price toward an all-time high at $1.02. Higher than that, ONDO will be ushered into price discovery, with the bulls setting their eyes on $1.5. This would represent a 50% uptick from the current price.
TradingView chart: ONDO/USD
On the downside, sellers could opt for profit-taking on the latest rally to $1.0. If this happens, ONDO’s price could drop first $0.90 and later below the upper boundary of the declining channel at $0.787.
Such a move would pull the price back into the confines of the descending parallel channel, where it could spend a few days with the lower boundary providing support.
