ONDO Token Surges 30% as OKX Announces Perpetual Futures Listing

• The native token of Ondo Finance, ONDO, witnessed a significant surge in value.
• The boost comes following OKX’s announcement of perpetual futures listings for ONDO.
• The token experienced a remarkable 30% price rally on the same day.

OND token sees a promising surge as OKX lists it for perpetual futures, signaling potential market optimism.

OKX Reveals ONDO Perpetual Futures Listing

On August 6, OKX issued an official statement detailing the addition of Ondo Finance’s native token, ONDO, to its perpetual futures market. The listing became effective at 10:30 AM UTC, allowing users to engage in futures trading on the token with leverage capabilities extending up to 50x. This significant development adds a new trading dimension for ONDO, potentially attracting further investor interest and higher volumes.

Enhanced Trading Options and Market Sentiment

In the same announcement, OKX disclosed the initiation of spot margin trading and their ‘Simple Earn’ program for the ONDO token at 10:00 AM UTC. These offerings are anticipated to bolster the token’s user appeal and liquidity. Historical precedents suggest that such listings often inject optimism into market sentiments. Complementing this development, on-chain analytics from Arkham revealed a substantial $8.1 million token movement by BlackRock’s BUIDL fund to Ondo Finance in the last 24 hours.

ONDO Token’s Price Performance

As of the latest data, ONDO token’s price jumped 32.78% within 24 hours, reaching $0.7134 from a low of $0.5056 and peaking at $0.75. This outstanding price trajectory coincided with broader bullish movements in the crypto market and gains observed in Japan’s Nikkei and Topix indices, which increased by 12%.

Derivatives Market Reaction

Further insights from Coinglass demonstrated a strong uptrend, with ONDO’s open interest exhibiting a 40.32% increase to $88.38 million. Additionally, the derivatives trading volume for ONDO rose by 22.15%, totaling $832.87 million. The robust figures reflect renewed investor enthusiasm and confidence in the token’s future performance.

Technical Indicators and Market Outlook

The Relative Strength Index (RSI) for ONDO is currently hovering around 26, categorizing the asset as oversold. This technical indicator traditionally suggests a rebound opportunity, aligning with the positive price developments. Should this sentiment continue, ONDO could witness further capital inflows and ascending price momentum.

Conclusion

Ondo Finance’s native token ONDO has garnered significant attention with the recent OKX listing for perpetual futures, propelling a notable price surge. Coupled with strong market sentiment and constructive technical indicators, the token appears poised for continued growth. Investors should keep a vigilant eye on ONDO’s evolving market dynamics and upcoming developments.