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The ONDO price surge witnessed after Ondo Finance unveiled its Ondo Global Markets (Ondo GM) tokenization platform to bring stocks, bonds, and ETFs onchain has waned.

After soaring from a low of $1.08 on February 4 to a high of $1.50 on February 5, ONDO has entered into a consolidation phase with a risk of the resumption of the bearish trend.

On February 4, Ondo Finance unveiled Ondo Global Markets, a platform designed to tokenize traditional financial assets including stocks, bonds, and exchange-traded funds (ETFs), making them accessible on blockchain technology.

The tokenization platform aims to tackle what Ondo describes as a “broken investment ecosystem” plagued by high fees and platform fragmentation.

By leveraging blockchain’s capabilities, Ondo GM seeks to create a more accessible, transparent, and efficient market environment.

The platform allows for the creation of tokens that are freely transferable, drawing parallels to the liquidity and ease of use seen with stablecoins, while ensuring compliance through controlled access.

Ondo Finance’s venture into tokenizing traditional assets comes at a time when the RWA sector is experiencing significant growth.

With Ondo already being the world’s third-largest issuer of tokenized Treasuries, the broader market cap of top RWA tokens has surpassed $60 billion, highlighting the sector’s potential.

This growth is underpinned by forecasts suggesting the RWA market could expand dramatically by 2030, potentially reaching into the trillions.

The announcement of Ondo GM initially fueled a sharp rise in the ONDO token’s value, reflecting investor enthusiasm for the potential of tokenized real-world assets (RWAs).

However, this enthusiasm has not sustained the upward trajectory.

The ONDO token, which has seen a remarkable 533% increase over the past year, particularly after the US election results in November, surged to a high of $1.50 early February 5 according to CoinMarketCap data, before pulling back after hitting resistance.

Current market analysis shows ONDO grappling with maintaining its gains. The token is at a critical juncture, with $1.20 emerging as a pivotal support level.

Should this support break, ONDO might see heightened selling pressure, potentially testing the next support at $1.13.

On the flip side, a strong breakout above the immediate resistance could propel ONDO towards $2, but as it stands, the price action suggests a cautious approach among traders.

The Moving Average Convergence Divergence (MACD) indicator, while hinting at a possible bullish crossover, remains slightly negative, suggesting the bullish momentum might be fading.

Similarly, the Accumulation/Distribution (A/D) indicator, although pointing towards accumulation, does not fully negate the risks of a downturn if the current support at $1.20 fails to hold, especially with the upcoming token unlocks, which could introduce more supply into the market.

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