Ondo and This Popular Altcoin Expect a Big Bullish Week: Will They Spark a 25% Rally?
It appears that both ONDO and ENA are gearing up for the next price action, which could add at least 10% to 15% before the end of the month.
Since the beginning, Ondo’s price has maintained a strong rally, targeting steady highs. In addition, Ethena overcame the bullish pattern and also completed a healthy pullback.
The markets are approaching the end of the first half of the year and historically this transition has led to a new bull run as volume shifts in their favor.
Market Reaction to ONDO and Ethena’s Prices
Currently, the markets are experiencing an excessive reduction in volume, suggesting a huge drop in trading activity, which is expected to trigger a massive blow-off in the coming days. Given the rally in ONDO prices, a new ATH above $1.6 is imminent and could occur in the coming weeks.
The price of ONDO is trading within a rising parallel channel and after reaching the upper resistance, the symbol initiated a 20% pullback. After consolidating for a while within the average range, the price is preparing for a new hunt.
However, the highs are quite close to each other at around 10%, so the next upside momentum could quickly cross these levels. Therefore, the next target for the rally is around $1.63, which can be reached in the last days of the month. On the other hand, the price of Ethena seems to have completed a healthy pullback and a new rally could start very soon.
The bears have shown extreme strength in the recent past, which is why the rally has recorded huge consecutive bearish candlesticks. Despite this, the RSI has managed to stop the current downtrend and is using all its strength to trigger a rebound.
However, the MACD is showing the presence of bearish strength, and as a result, the token is expected to consolidate below the key resistance level of $0.766 for a while and trigger a further rise towards $1.00.
The altcoins are showing strength at a time when the bitcoin price is stuck in a range. In addition, altcoins are believed to be highly undervalued as they are down almost 80% from their highs compared to 10% for bitcoin.
Therefore, a temporary shift seems to have been established that may have a significant impact on the prices of Ondo, Ethena (ENA) and most altcoins.
ONDO Forecast
According to CryptoPredictions, The Ondo US Dollar Yield for June 2024 started at $1.041 and is predicted to end the month at $1.037. During June, the highest USDY price predicted is $1.662 and the lowest is $1.037.
The USDY Price is forecasted for today (14.06.2024) to be in the $0.88380726524186 – $1.300 price range. Ondo US Dollar Yield is predicted to end today at $1.040.
Ethena Forecast
CryptoPredictions states that Ethena USDe started June 2024 at $1.001 and is predicted to end the month at $1.202. During June, the maximum predicted price for USDe is $1.600 and the minimum is $1.001.
The USDE price is predicted to be in the range of $0.85092413250772 – $1.251 for today (14/06/2024). Ethena USDe is predicted to end today at $1.001.
By Audy Castaneda