Ondo price continued its recent rebound as the total value locked in its network jumped to a record high and as it launched a markets platform for trading stocks, indexes, and exchange-traded funds.
Summary
- Ondo crypto price has formed a double-bottom pattern on the daily chart.
- The network launched Ondo Markets to offer tokenized stocks.
- Ondo Finance’s total value locked jumped to a record high.
Ondo Finance (ONDO) token rose to $0.9675 as it approached the crucial resistance level at $1. This price is well above this week’s low of $0.8516.
Ondo Markets launches to offer tokenized stocks
The main reason for the ongoing Ondo crypto price rebound is the launch of Ondo Markets as it expands its tokenized offerings.
Ondo Markets is a new platform allowing investors from many countries to buy and trade American stocks and other assets. Some of the top stocks available on the platform are Nvidia, Palantir, Intel, and Amazon. It launches with 100 assets, which will continue to increase over time.
The concept of tokenized stocks has become popular in the past few months as companies target international customers. Robinhood has already launched tokenized stocks in Europe, while firms like Kraken and LetsExchange have done so as well.
Ondo Markets joins the project’s other tokenized assets. Its USDY and OUSG have accumulated over $1.5 billion in assets as investors use them to generate yield.
Ondo also runs Flux, a platform that enables users to lend and borrow stablecoins against tokenized U.S. Treasuries. It is similar to Horizon, which Aave launched last week.
Ondo also launched Ondo Chain, a layer-1 network designed for institutions to launch real-world assets on the blockchain.
Ondo price technical analysis
Technical analysis points to more upside as the Ondo crypto price has formed a double-bottom pattern at $0.8516 and a neckline at $1.10.
The token is attempting to move above the Ichimoku cloud, which will confirm a bullish breakout. It has also formed an inverse head-and-shoulders pattern whose neckline is at $1.1260.
Therefore, the most likely scenario is that the coin stages a strong bullish breakout, initially to the neckline at $1.1260, up by 16% from the current level. A move above that level will signal more gains, potentially to $1.6392, up by 70% from the current level. A drop below the double-bottom pattern at $0.8515 will cancel the bullish Ondo price forecast.
