Will Ethereum-Based Tokens Rebound As Top Altcoins Stumble Again?

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Written By Pinang Driod

The cryptocurrency industry continues to record bearish sentiment as top altcoins continue struggling to hold prices above their crucial support levels amid the ongoing market correction. Further, the leader of altcoins, ETH price, hovers close to the $3K mark, indicating a weak price action.

Following this, the newly launched altcoins on the Ethereum blockchain have displayed a mixed sentiment by recording significant price volatility in their respective portfolios. Is this the right time to invest in these low-cap altcoins to maximize your profits post-Bitcoin Halving?

Ondo (ONDO):

Launched with a price tag of $0.10 on 18th January 2024, the Ondo token displayed a massive surge of over 500% within the first two months, from $0.10 to $0.60. Following this, the volatility in the market increased, resulting in the Ondo token displaying a neutral trend for a while.

TradingView: ONDO/USDT

The ONDO token has an all-time high (ATH) of $1.05 and currently trades at a discount of approximately 26% since its high. Despite the ongoing market correction, the Ondo price has recorded a correction of less than 5% over the past week and positively it has added over 47% within the past 30 days.

The Moving Average Convergence Divergence (MACD) displays a constant red histogram in the 1D time frame, indicating a weak positive sentiment in the crypto space. Moreover, the averages show a high possibility of a bullish convergence, suggesting uncertainty in the Ondo token price action for this week.

However, if the bulls push the price above the resistance level of $0.80925, the bulls will regain momentum and prepare to test its upper resistance level of $1 this month. Conversely, bearish price action may pull the price toward its low of $0.61 in the coming time.

Omni Network (OMNI):

The Omni Network token officially made its first appearance in the cryptocurrency industry on 17th April. Following this, the OMNI token gained significant attention from the market, resulting in the Ethereum-based token recording a high of $54.24 within the first few hours of its launch.

OMNI Price Analysis
TradingView: OMNI/USDT

However, the bulls lost momentum at that point, after which the price recorded a correction of approximately 54% in valuation. Since then, the price has been trading in a closed range between $23.10 and $33.

The technical indicator, MACD, shows a rising green histogram in the 15m time frame, indicating a bullish influence for the altcoin in the market. Furthermore, the averages display a significant rise, suggesting a positive outlook for the OMNI price this week.

If the market continues to gain momentum, the OMNI price will prepare to test its resistance level of $33 in the coming time. Negatively, a bearish reversal may result in the price testing its new low of $11.55.

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