• ONDO extends gains on Wednesday, after rising 9% the previous day.
• Early access to Ondo Perps, offering 24/7 perpetual futures on US stocks, ETFs, and commodities, fuels the recovery.
• Double-digit gains in Open Interest signal renewed retail interest in ONDO.

Ondo (ONDO) is trading in the green, up 7% at press time on Wednesday, following the announcement of early access to Ondo Perps the previous day. Retail sentiment surrounding Ondo is building momentum as it expands into equity derivatives backed by tokenized Real World Assets (RWAs). The technical outlook for ONDO is bullish, with the rebound rally targeting a move above the $0.4524 resistance level. 

Ondo Perps offerings fuel retail demand

Ondo has announced the launch of Ondo Perps on June 9, offering perpetual futures on US stocks, Exchange-Traded Funds (ETFs), and commodities, with up to 20x leverage. This will expand Ondo’s tokenized RWA offerings from short-term US Treasuries, stablecoins, and equity. RWA.xyz data shows that Ondo has $1.00 billion in tokenized stocks on its platforms, second only to $2.8 billion in US Treasury Debt.

The announcement of early access for eligible investors on Tuesday triggered a 9% rebound in ONDO prices, pushing it higher against the bearish market backdrop. Exposure to major US stock derivatives, including NVIDIA, Apple, Tesla, and Amazon, as well as commodities like gold and silver, is fueling retail sentiment around Ondo.

In the Tokenization 2030 report, released on Monday, Citi Group estimates that the tokenized financial market could reach $5.5 trillion by 2030. “The tokenization of financial assets is more than just technology; it is unlocking Wall Street for the digitally-native generation.” The growing narrative of tokenized RWA on Wall Street fuels the hype around Ondo.

On the derivatives side, the retail strength is reflected in double-digit growth in Ondo futures Open Interest (OI). CoinGlass data shows the ONDO OI is up over 27% in the last 24 hours to $234.68 million, indicating a sudden surge in positional buildup. That said, the positive funding rate of 0.0044% on Wednesday points to bullish position buildup as buyers are willing to hold long positions for a premium.

However, the total liquidations over the last 24 hours of $2.27 million reflect a mixed outlook, with roughly equal long and short liquidations. 

Technical outlook: Will ONDO break above $0.45?

ONDO is up over 7% at press time on Wednesday, extending the 9% rebound from the 50-day Exponential Moving Average (EMA) around $0.3515 on Tuesday. The intraday recovery tests the 200-day EMA at $0.3987, with bulls targeting the $0.4524 resistance level.

From a technical perspective, ONDO is in a Wyckoff cycle markup phase, following a breakout from a consolidation range near $0.3000 in early May. For an extended rally, bulls should clear the resistance level at $0.4524, which capped the rally twice last month.

A decisive close above $0.4524 would open the path above the $0.5000 psychological level, targeting the lows of November 4 and October 11 at $0.5498 and $0.6815, respectively.

That said, the Relative Strength Index (RSI) hovers at 58 on the daily chart, suggesting moderate positive momentum, while the Moving Average Convergence Divergence (MACD) remains slightly negative but rises toward its signal line for a potential crossover, hinting that downside pressure is waning.

On the downside, initial support is seen at the 200-day EMA around $0.3987, with further demand expected near the 50-day EMA at $0.3515 and the 100-day EMA at $0.3382 if a deeper pullback unfolds. As long as ONDO defends these underlying EMA supports, the near-term bias stays tilted higher, with any consolidation above $0.40 likely to precede another attempt to extend the prevailing uptrend.

(The technical analysis of this story was written with the help of an AI tool.)