Market
Ondo (ONDO) Flashes Bullish Signal, Accelerating $2 Predictions
Calls for Ondo (ONDO) to reach a new all-time high dominated the market after the price reached $1.48 on June 3. Yet, the token went against those wishes and is now 17.64% down from its peak.
When analyzing a cryptocurrency’s prospective price, on-chain data lets out unseen insights to help investors make informed decisions. For ONDO, there has been a change in previous developments, suggesting that the bullish predictions could become reality.
Cheaper Spend Can Lead to Higher Prices
When ONDO launched, its price was around $0.11. However, its 658% increase over the last 365 days makes it one crypto with many eyes on it. Fueled chiefly by solid fundamentals and a trending Real World Asset (RWA) narrative, here is how the cryptocurrency may fare in weeks to come.
To start with, BeInCrypto assesses the Realized Cap. Simply put, the Realized Cap measures the average value weighted by the price token holders paid for it. Furthermore, increases occur when cryptocurrencies that were last moved are spent at cheaper prices.
Converesly, the value decreases when the last tokens moved are spent at high prices. As a result, the metric acts as on-chain support or resistance.
At press time, ONDO’s Realized Cap stands at $1.15 billion. On average, the metric is a crucial tool for spotting accumulation and distribution regions. However, this happens when compared with the market cap.
If the Realized Cap is above the market cap, it implies a warning sign that the price may decrease. As of this writing, Ondo’s market cap is $1.70 billion. Furthermore, the fact that the Realized Cap is lower paves the way for the price to continue its bullish path.
Read More: How To Invest in Real-World Crypto Assets (RWA)
Tokens Continue to Leave Circulation
As the metric above increases, the Mean Coin Age takes the opposite direction. Often called by its short form, the MCA tracks the average age of all tokens on the blockchain. With the MCA, one can tell if trading activity around a token increases or if holders are sticking to keep it out of circulation.
According to Santiment, the 90-day MCA has plummeted as of this writing. This means that ONDO holders are refraining from sending tokens into exchanges. Instead, they seem committed to keeping them in self-custody.
If sustained, ONDO’s price can begin to run past its all-time high, and the $2 prediction being talked about in the market may come to pass.
Outside of the price action, the Total Value Locked (TVL) continues to reach new highs. Based on DeFiLlama’s data, Ondo’s TVL is $549.18 million. This is an 18.32% increase within the last 30 days.
TVL measures a protocol’s health by gauging the value of locked or staked assets. An increase implies that market participants are depositing more liquidity with hopes of a good yield, which is the case with Ondo.
If the TVL falls, it means that participants are withdrawing their assets as perceived trust for the project wanes. However, it is unlikely that the value of locked assets will plummet, especially as interest from traditional institutional investors continues to climb.
ONDO Price Prediction: Is a 15% increase Next?
Alongside the rising TVL, technical analysis shows that ONDO’s price is eyeing further gains. One reason for this forecast is the Exponential Moving Average (EMA), a technical tool designed to track a cryptocurrency’s price trend over a given period.
Some of the most important timeframes include the 20 EMA, 50 EMA, and 200 EMA. The daily ONDO/USD chart shows that the price is $1.20, trading above the 20 EMA (blue). This is a bullish sign for the token and may ensure the ONDO’s price does not fall below $1.19.
The token also trades above the 50 EMA (yellow), indicating that the cryptocurrency’s trend may give in to the upside in the short term. Should this be the case, ONDO’s first target will be a 15% increase to $1.39.
Afterward, it may move to break through the all-time high at $.1.48 if whales decide to buy as they did in the past.
Read More: Real-World Asset (RWA) Backed Tokens Explained
In the event that the price slides below the aforementioned EMAs, the prediction will be invalidated. If this happens, ONDO may drop to $1.07, setting the stage for a 12% decrease.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
VanEck Expands DeFi Offerings with PYTH ETN on Euronext
Asset manager VanEck has launched a new ETN based on PYTH, specifically for European buyers. The Pyth network, a decentralized oracle protocol, has earned praise from VanEck for its potential to transform the DeFi landscape.
This launch follows several similar crypto-focused ventures by VanEck in recent months.
VanEck Launches PYTH ETN
According to a recent press release, asset manager VanEck is listing a new exchange-traded note (ETN) based on PYTH today. The Pyth network is a decentralized oracle protocol that uses PYTH as a network token. PYTH’s value has risen slightly since this announcement, bucking a decline this month, but there has not been a substantial price jump.
This new ETN is one of several recent crypto project investments by VanEck. Earlier in October, the firm launched a $30 million venture fund aimed at crypto startups and, just last week, partnered with Kiln to offer Solana staking.
Read more: What Is a Blockchain Oracle? An Introductory Guide
VanEck publicly stated that Pyth’s technical potential inspired its latest ETN offering. Listed on Euronext Paris and Euronext Amsterdam, the ETN is now available to investors. Although distinct from an ETF, it shares some similarities: its value is tied to PYTH, and VanEck secures the ETN’s underlying assets in cold storage.
“Smart contracts… are gaining increasing significance in the financial world… and oracle networks play a crucial role in enabling [their] real-world use. With our Pyth ETN, investors have the opportunity to participate in the development of… Pyth Network, which has the potential to become a crucial part of DeFi application infrastructure,” VanEck Europe CEO Martijn Rozemuller said.
Read more: Crypto ETN vs. Crypto ETF: What Is the Difference?
However, it remains unclear whether “underlying assets” specifically refers to PYTH tokens. The ETN’s value is derived from the MarketVector Pyth Network VWAP Close Index, which in turn tracks PYTH’s value indirectly. This layered approach to value calculation may help explain why PYTH’s price has remained relatively stable since the announcement.
The press release also notes that the ETN is available across 15 European countries under the ticker VYPT, with a total expense ratio of 1.5%. VanEck cautions twice in its statement about the “risk of extreme volatility” associated with the product.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Swift, UBS, Chainlink Pilot Simplifies Tokenized Fund Transactions
In partnership with UBS Asset Management and Chainlink, Swift has completed a pilot program designed to streamline tokenized fund transactions through its established financial network.
Conducted as part of the Monetary Authority of Singapore’s (MAS) Project Guardian, this pilot demonstrates how financial institutions can leverage Swift’s existing infrastructure to manage off-chain cash settlements for tokenized assets.
Swift, Chanlink and UBS Aim to Streamline Fund Operations and Boost Efficiency
Swift, UBS Asset Management, and Chainlink have completed a pilot for settling tokenized fund subscriptions through the Swift network. The initiative addresses inefficiencies in the $63 trillion global mutual fund market by connecting 11,500 institutions to streamline manual processes and cut costly settlement delays that hinder liquidity.
“Chainlink is enabling institutions to reuse Swift’s infrastructure to facilitate payments for digital asset transactions. I am very excited by the upcoming adoption of these off-chain payment capabilities and how they will increase the flow of capital and expand the possible user base of digital assets,” Chainlink co-founder Sergey Nazarov said.
Read more: RWA Tokenization: A Look at Security and Trust
Chainlink and Swift’s pilot bears real potential in demonstrating how financial institutions can streamline these processes in the future. It automates payment processing for tokenized investment funds without requiring a fully blockchain-based system. This approach makes transactions faster and more efficient.
The pilot builds on earlier work between UBS Asset Management and SBI Digital Markets. Their previous collaboration focused on developing a Digital Subscription and Redemption system for tokenized funds.
Using Swift’s established infrastructure, the pilot demonstrated how fund transactions could be settled efficiently by connecting traditional systems with blockchain. Upon meeting specific conditions, UBS’s tokenized investment funds automatically issued or canceled fund tokens for investors.
UBS rolled out a tokenized fund on the Ethereum blockchain on November 1. The “UBS USD Money Market Investment Fund Token,” known as “uMINT,” aims to meet growing demand for tokenized assets. Meanwhile, MAS highlighted its dedication to asset tokenization, drawing insights from 40 institutions and 15 pilot trials.
“Our collaboration with UBS Asset Management and Chainlink under MAS’ Project Guardian uses the Swift network to bridge digital assets with existing systems. This approach supports our goal of helping financial institutions securely transact across various digital asset classes and currencies,” Swift Head of Strategy Jonathan Ehrenfeld commented.
Read more: How To Invest in Real-World Crypto Assets (RWA)?
The pilot highlights the growing momentum toward integrating digital assets with mainstream financial systems, illustrating how established infrastructures like Swift’s can support the fast-evolving digital economy.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Why FET Recovery Could Be More Than 10% in November
Artificial Superintelligence Alliance (FET) is one of the top gainers today, registering a 10% increase within the last 24 hours. This FET recovery contradicts its performance in October, when its price decreased by 13.39%.
Following this rebound, on-chain data shows that the altcoin could be working toward wiping out those losses. Here is how.
Artificial Superintelligence Alliance Sees Buying Pressure
Yesterday, FET’s price was $1.10. But as of this writing, the altcoin’s value has risen to $1.25. According to the 4-hour chart, FET’s price climbed this high due to rising buying pressure.
Notably, Bull Bear Power (BBP) has jumped to the positive region after remaining in the red area since November 1. The BBP shows whether the strength of buyers is greater than that of sellers.
When the reading is negative, bears have the upper hand. Therefore, in this instance, bulls are in control. As such, the altcoin’s value could continue to climb if this remains the same.
Read more: How to Invest in Artificial Intelligence (AI) Cryptocurrencies?
The Money Flow Index (MFI) is another indicator suggesting that the FET recovery could be swift. The MFI, which measures buying and selling pressure by analyzing price and volume data, has shown a positive trend for FET.
A rising MFI indicates increased buying pressure, which supports the likelihood of continued price growth as demand for the asset strengthens. Therefore, if bulls sustain this momentum, then the altcoin’s price might continue to rise.
FET Price Prediction: Token to Breach Resistance
Since the IOMAP indicates that there is only one significant resistance level for FET at $1.28, where 3,590 addresses hold 616.89 million tokens, it suggests that surpassing this level could open up further upside potential.
Notably, the IOMAP tool categorizes addresses by whether they are making a profit, breaking even, or incurring losses at the current price
This accumulation zone acts as a key psychological barrier. The volume of tokens accumulated here is notably higher than the amounts held between $1.06 and $1.25, signaling that if buyers manage to push the price beyond $1.28, FET could gain strong momentum.
Read more: Which Are the Best Altcoins To Invest in November 2024?
Therefore, if buying pressure continues to increase, FET could rally all the way to $1.44. However, if bulls fail to breach the resistance, the altcoin price might pull back, and FET could drop to $1.10.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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