Why can the price of Ondo (ONDO) be set to recover 1 dollar?

Ondo's price has increased by 30% in the last 24 hours, making it one of the top earners of the time. The token of the Real World Assets (RWA) token project dropped to $0.64 before its recent rise.

In particular, a significant recovery may be associated with significant accumulation by a known player. Can this help ONDO continue to grow?

Blackrock beat Ondon back one more time.

According to blockchain tracker Arkham Intelligence, BlackRock It bought $5 million worth of Ondo tokens on August 5. Before that, the world's largest asset manager bought the same cryptocurrency using $3.11 million.

The purchase brings the total number of tokens raised over the past six days to over $10 million. If this continues, it will help put pressure on ONDO's price.

Based on BeInCrypto's findings, the stock remains part of Blackrock's mission to allow faster settlement on OUSG, a US Treasury-backed token.

Read more: What are Tokenized Real-World Assets (RWA)?

In addition to the recent buying pressure, activity on the Ondo block is also picking up. According to IntoTheBlock, active addresses on the network have increased by 101% in the last seven days.

New addresses jumped by 44%, while zero-rating increased by 70% in the same period. The compression of all three parameters clearly indicates the presence of user engagement.

This is true for both those who are doing successful ONDO trading for the first time and those who have just joined the network and received the signal. Typically, when a project experiences such increases, it suggests that the value of the native token may increase.

So if the activity on the Ondo network continues to increase, the price of the cryptocurrency could rise above $0.72 in the coming days.

ONDO Price Prediction: The initial target is $0.87.

ONDO's recent price increase means it now has 51.48% to reach its all-time high of $1.48. This rebound also appears to provide a buy signal for the stock.

If confirmed, Ondo could look to erase its 38% decline since August 1 to $0.87.

From the chart below, this price is where the 38.2% Fibonacci retracement lies. However, as a golden rule, any crypto that wants to continue its uptrend must hold the 38.2% Fib level.

If this happens to the cryptocurrency, the fundamental strength of the previous throw can be called strong, perhaps helping the price to reach $1.10 with a golden ratio of 61.8%.

Read more: How to invest in real-world crypto assets (RWA)?

Conversely, if ONDO fails to reach a high swing, this forecast may be rejected. When this happens, the token may approach the swing low of $0.50.