ONDO Gains 10% After Tokenized Stocks Collateral Announcement

ONDO gained 10% over a 24-hour period after the network announced that perpetual traders can now use tokenized stocks as collateral. The move aims to broaden the range of assets available for leveraged trading. The price action extended an uptrend that had been building over the past few weeks, with the altcoin breaking free from a bullish pennant formation before the announcement.

ONDO Breaks Bullish Pennant Before Tokenized Stocks Announcement

Before the announcement, ONDO broke free from a bullish pennant that had capped prices during a consolidation phase. The breakout moved momentum back in favor of bulls and reaffirmed the uptrend that has been intact since the token found support at the $0.30 price level.

The aggressive breakout resulted in a market gap between $0.32 and $0.36, which got filled as the bullish run continued. At the time of writing, ONDO was trading above the 20-day Simple Moving Average. The Bollinger Bands' divergence had widened, indicating greater volatility in the market.

Source: TradingView

Whale Accumulation Continues Above Breakout Level

Spot Average Order Size data indicated a surge in whale orders' accumulation around ONDO's press time price even after the breakout. This implied that long-term players remained positive on the bullish market structure.

On-chain data showed large holders continued adding to their positions. In previous scenarios, persistent accumulation during a trending market has given the trend more room to extend itself.

Source: CryptoQuant

Liquidity Clusters Above $0.45 Signal $0.50 as Next Level

The altcoin's long-term technical structure has remained constructive. By continuing to trade above key support levels established after the pennant breakout, ONDO has preserved higher highs and higher lows.

The next major area sits near $0.50, a psychological level that could attract both profit-taking and fresh buying interest. Several liquidity clusters worth more than $5 million sit above $0.45.

Source: Coinglass

FAQ

What did ONDO announce about tokenized stocks?

The network announced that perpetual traders can now use tokenized stocks as collateral, broadening the range of assets available for leveraged trading.

Why did ONDO's price gain 10% in a 24-hour period?

ONDO's price extended its gains after the tokenized stocks announcement, adding to an uptrend that had been building over the past few weeks following a breakout from a bullish pennant formation.