The Ondo (ONDO) token has seen bullish developments, including a partnership with Franklin Templeton, but these have not impacted its price trend. Analysis of market data shows a long-term bearish trend, with the token consolidating in a tight range between approximately $0.237 and $0.295. Recent metrics indicate speculative demand could push prices toward the range highs, but rallies have been met with profit-taking, suggesting cautious trading opportunities within the established range.
The Ondo token recently announced a partnership with asset management giant Franklin Templeton. Market data shows this development did not produce a significant shift in the token’s price trajectory.
On the weekly chart, an intense sell-off from October has slowed since February. The price has consolidated within a tight range for the past six weeks.
Analysts suggest this type of bear-market consolidation is necessary preparation for a future bull run. Until then, traders are advised to watch for short-term price swings and capitalize on opportunities.
Data from Coinalyze indicates growing speculative and spot demand, with Open Interest and spot CVD trending higher recently. The positive funding rate suggests demand could fuel another move toward the $0.295 local highs.
The four-hour chart shows the range formation extends from $0.237 to $0.295. At press time, ONDO was trading near the mid-point at approximately $0.266.
The On-Balance Volume (OBV) was trending higher, but the Chaikin Money Flow (CMF) remained below zero. This indicates buying pressure came in bursts and was not sustained.
A move toward the range highs resulted in intense profit-taking. Therefore, buyers at current prices should be cautious.
Analysts concluded that a move toward $0.295 could be used to sell. Conversely, a retest of the $0.23 to $0.24 zone would be considered a buy signal.
