Here’s why Ondo price hit new ATH amid bearish market outlook

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Technical Analysis

Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31.

Ondo price continues to rise in the face of struggling altcoins. The RWA narrative kickstarted by Blackrock is one of the reasons for this rally.

’s ascent is Blackrock, a multi-billion dollar US-based investment company. Blackrock was responsible for kickstarting the Bitcoin bull run after it filed its spot ETF application in mid-June. The so-called Blackrock effect spilled over to the Real-World Asset category when the investment firm announced an Ethereum-based tokenized fund on March 20. Interestingly, the people's favorite, Ondo price, formed a bottom on March 20 and kickstarted its 172% rally to ATHs.

bulls plan a breakout /USDT 12-hour chart According to Santiment data, the 7-day Market Value to Realized Value ratio hovers close to the zero line. However, the 30-day MVRV is hovering at -9.39%, indicating that the average loss of investors who purchased at an average price of $0.875. Overcoming this key cluster of underwater investors could allow the Ondo price to ascend smoothly. On the other hand, nearly 1,900 addresses purchased 301 million

 

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