This Cryptocurrency Has Surged 1,400% in 2023, and One Analyst Thinks It's Still a Good Buy

A prominent cryptocurrency analyst has reaffirmed his optimistic outlook on Ondo Finance (ONDO), a digital asset with a $1.6 billion market capitalization that has seen its value surge by over 1,400% since the start of the year.

A prominent cryptocurrency analyst has shared his thoughts on Ondo Finance (ONDO), a digital asset with a $1.6 billion market capitalization that has seen its value increase by over 1,400% year-to-date.

In a post shared on the microblogging platform X (formerly known as Twitter) with his over 217,000 followers, pseudonymous analyst Altcoin Sherpa updated his analysis of ONDO, a utility token associated with a project that aims to tokenize real-world assets. Sherpa described the token as one of “the strongest coins out there,” highlighting its recent technical performance.

$ONDO: was surprised to see this level hold, was hoping to see a bit lower for this one. Still 1 of the strongest coins out there. pic.twitter.com/3EuIR9cFON

According to the analyst’s chart, ONDO appears to have rebounded from a crucial support level, which could potentially signal the continuation of its uptrend. This support level aligns with the 0.382 Fibonacci retracement level, a technical indicator derived from the Fibonacci sequence that can identify potential areas of price support or resistance.

Moreover, Altcoin Sherpa’s chart suggests that ONDO has remained above its 200-period exponential moving average (EMA) on the four-hour chart for over three weeks. In technical analysis, the EMA is used to gauge an asset’s price trend, and staying above a 200-day EMA is often viewed as a bullish indicator.

ONDO is currently trading at around $1.2 per token at the time of writing after falling roughly 11% over the past week, but still remaining up over 60% over the past month, according to market data.

The cryptocurrency, which ranks 103rd by market capitalization, has seen its value surge by over 1,400% since the start of the year, fueled by a surge in popularity among retail traders and the broader market rally.

As reported by Finbold, ONDO was among the top trending cryptocurrencies on the Investing.com platform in March, showcasing the asset’s strong performance and interest among traders.

Despite the impressive gains, Altcoin Sherpa appeared to be expecting a deeper pullback for ONDO, as evident from his comment on the token’s recent price action. The analyst was hoping to see the token’s price drop further before potentially rebounding from a lower support level.

Featured image via Pixabay.