ONDO price tests key resistance after bouncing off yearly low

ONDO price has recently bounced off its yearly low and is now edging closer to a critical resistance level, fueled by a series of recent developments on the fundamental front. Ondo Finance ( ONDO ) price is currently trading at $0.078, up 13% over the past week. The price recently rebounded from a yearly low of $0.62 on June 22, after briefly dipping below the lower trendline of the months-long descending channel on the 4-hour chart. As evident by the volume accompanying the rally from that low, strong buying pressure was present at that level, quickly pulling the price back within the channel’s range. On the recent candles, ONDO price has also climbed above both the 20 EMA and the 100 SMA, with a bullish crossover forming between the two averages. The price is now approaching the upper boundary of the descending channel, having established a slightly higher high compared to the peak of the initial rally from the yearly low. Source: TradingView You might also like: Ondo Finance forms Global Markets Alliance to establish tokenized securities standards Momentum indicators are also leaning bullish. The Relative Strength Index has climbed to around 59, signaling growing strength but still leaving room before entering overbought territory. The MACD has formed a bullish crossover, with the MACD line moving above the signal line and shifting into positive territory. Looking ahead, a breakout above the upper boundary of the descending channel, around $0.082 to $0.085, could pave the way toward the next targets near $0.090 and potentially $0.105, which correspond to the previous swing highs within the channel. On the downside, the immediate horizontal support lies at $0.072. A breakdown below this level would increase the likelihood that the price remains trapped within the channel in the near term. ONDO price rebound from the yearly low comes on the heels of a string of recent milestones on the fundamental front. Notably, Ondo Finance has recently brought its tokenized U.S. Treasuries to the XRP Ledger, completed a cross-chain settlement leveraging JPMorgan’s Kinexys and Chainlink, and introduced instant conversion functionality between its OUSG fund and PayPal’s PYUSD stablecoin. Additionally, the company recently announced the formation of the Global Markets Alliance , a new coalition aimed at establishing technical and compliance standards for tokenized public securities. The alliance brings together key players including the Solana Foundation, Fireblocks, BitGo, Trust Wallet, Bitget Wallet, Jupiter, and Newtoiwkr. The initiative sets the stage for the upcoming launch of Ondo Global Markets, a platform designed to enable applications and wallets to provide direct access to U.S. securities for non-U.S. traders. You might also like: Ondo Finance launches tokenized U.S. Treasuries on XRP Ledger

Source: crypto.news