Crypto Market Overview: Bitcoin holds firm as ONDO and GRAM lead rally

• Bitcoin holds firm above $66,000 on Wednesday after reclaiming the 50-day EMA at $65,150.
• Ondo holds above $0.4000 following a 12% surge the previous day, with the launch of the tokenized stock collateral feature.
• Gram extends gains on Wednesday, building on its 7% advance yesterday amid the announcement of the native non-custodial Gram wallet.

The broader cryptocurrency market is witnessing an easing of bearish momentum, with Bitcoin (BTC) holding above $66,000 on Wednesday. Altcoins including Ondo (ONDO) and Gram (GRAM), formerly known as Toncoin, are leading gains over the last 24 hours, driven by new features.  

Bitcoin holds renewed bullish momentum

Bitcoin holds above $66,000 on Wednesday, following a 2% surge the previous day. BTC holds a constructive bullish bias after reclaiming the 50-day Exponential Moving Average (EMA) at $65,150.

Momentum conditions support the bid, with the Relative Strength Index (RSI) hovering around 60, indicating firm but not extreme buying pressure, while the Moving Average Convergence Divergence (MACD) and signal line are rising into positive territory, hinting at sustained upside interest.

On the topside, the next significant resistance emerges at the $70,000 threshold, with additional supply likely near the 200-day EMA around $74,709.

Looking down, immediate support is implied by the 50-day EMA at $65,150, ahead of a more important structural floor at $60,000, where buyers previously stepped in to defend the broader bullish structure.

Ondo recovers with tokenized stock collateral launch

Ondo holds firm near $0.4000 at press time on Wednesday, following a 12% surge the previous day. The DeFi token extends a bullish phase after reclaiming both the 50-day and 200-day EMAs at $0.3442 and $0.3789, respectively, which now underpin the broader advance.

Ondo has enabled traders to use tokenized stocks as collateral on Tuesday. SPYon and QQQon, tokenized versions of the S&P 500 and Invesco's QQQ Exchange Traded Funds (ETFs), can directly back perpetual futures positions without selling or using stablecoins. In addition, Ondo has added nearly $600 million in tokenized stock market capitalization in the last six months.

Momentum remains constructive, with the MACD and signal line rising above zero, while the RSI hovers near 68, hinting at strong buying pressure approaching overbought territory.

From a technical perspective, the price is inching toward a local downward resistance trendline at $0.4134. A decisive close above this level could target the overhead barriers at $0.4524 and $0.5625.

On the downside, initial support is seen at the 200-day EMA at $0.3789 and then the 50-day EMA at $0.3442, with these stacked moving averages suggesting that any corrective pullbacks are likely to attract dip-buying while the pair holds above them.

Gram rebounds on native non-custodial wallet announcement

Gram is gaining bullish momentum after its founder, Pavel Durov, shared plans to launch a native, non-custodial Gram wallet in a social media post on Tuesday. GRAM is up 2% on Wednesday, extending its 7% gains from the previous day. The RSI at about 57 suggests a mildly constructive bias but not yet overbought conditions.

Gram remains below an overhead descending trendline and the 50-day EMA at $1.628, suggesting a short-term recovery amid a prevailing bearish trend. A decisive close above the 200-day EMA at $1.715 is a must to reinstate a recovery trend.

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