The cryptocurrency market has been stagnant over the last few days following last week’s rally that extended into the weekend.

Bitcoin, the leading cryptocurrency by market cap, continues to trade around $118k while Ether is struggling to break above the $4k psychological level.

Despite the market’s consolidation mode, some cryptocurrencies have been recording gains. ONDO, the native coin of the Ondo ecosystem, is one of the best performers among the top 50 cryptocurrencies by market cap.

The coin added over 5% to its value in the last 24 hours and could be set for an extended rally in the near term.

ONDO is currently one of the best performers in the top 50, thanks to 21Shares filing for an ONDO exchange-traded fund (ETF) on Tuesday. The digital asset manager submitted its S-1 filing on Tuesday, according to a U.S. Securities and Exchange Commission report.

Ondo Finance focuses on tokenizing real-world assets like U.S. Treasury bonds and money market funds. The platform announced earlier this month that it would acquire U.S.-regulated broker Oasis Pro to expand its tokenization business.

In addition to that, Ondo Finance has also recently partnered with Pantera on a $250 million RWA investment plan.

The SEC is currently going through several altcoin ETF proposals, and if approved, 21Shares would be the first asset manager to launch an ETF tracking ONDO.

The ONDO/USD 4-hour chart is extremely bullish as the coin has added 20% to its value over the last seven days. The pair is also efficient, suggesting that ONDO could be preparing for another leg up, with a strong support around $0.98.

The Moving Average Convergence Divergence (MACD) lines have been in the positive region since June 24, suggesting an extended period of bullish bias.

The Relative Strength Index (RSI) of 61 shows that buyers are in control, but ONDO is not yet in the overbought region. If the bullish bias intensifies, ONDO’s RSI could cross above 80.

With a strong support established around $0.98, ONDO could rally towards the next resistance level at $1.26 over the coming hours or days. At press time, ONDO is trading at $1.11. An extended bullish run would allow ONDO to test the $1.5 resistance level for the first time since February 7.

However, the broader crypto market is consolidating, and this could affect ONDO’s performance in the near term. If it experiences a pullback, the coin could retest the major support level and TLQ at $0.98.

If bulls fail to defend the $.098 support, the coin could drop to the next major level at $0.80. 

The ONDO/USD pair is currently bullish and could experience further gains. However, the market could experience a correction after days of sustained rally.

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