Cryptocurrency prices had a rollercoaster during the weekend as global risks escalated. Bitcoin plunged to almost $60,000 on Saturday and then bounced back to over $65,000. Other altcoins have also jumped by double digits in the past 24 hours, a rebound that could be a dead cat bounce. This article looks at key cryptocurrencies like Ondo Finance, Hedera Hashgraph, and VeChain.
Ondo FinanceOndo Finance has been one of the best-performing cryptocurrencies this year, helped by the network’s ecosystem growth. Data shows that the USDY token has attracted over $207 million in assets from individuals and institutions.
US Dollar Yield is a unique stablecoin that pays yields to investors by investing funds to interest bearing financial assets. It is seen as a better alternative to popular stablecoins like Tether and USD Coin, which don’t pay a reward.
$USDY has been added to the Aurelius Market.@OndoFinance USDY is a tokenized note backed by short-term US Treasuries and bank deposits, offering the ease of a stablecoin with a quality US dollar yield.
Lend and borrow USDY in the market: https://t.co/9OANLpXQPr pic.twitter.com/ge6pYswkR5
Ondo Finance also has US Treasuries (OUSG), which has over $96.8 million in assets. It yields about 4.965.
The ONDO token price bottomed at $0.5820 on Saturday as the crypto sell-off intensified. It has now bounced back and is approaching the crucial resistance point at $1. The coin has also crossed the important resistance point at $0.8628, its highest swing on April 8th.
It has also surged above the 50-period moving average and the Woodie pivot point. Ondo has also soared above the Ichimoku cloud indicator while the Relative Strength Index (RSI) is nearing the overbought point of 70.
Therefore, the outlook for the token is bullish, with the next point to watch being at $1.0512, its highest swing on March 31st. This price is about 7.50% above the current level. A break above that price will point to more gains.
Hedera Hashgraph price forecastHedera Hashgraph’s (HBAR) price has been under intense pressure even after some important ecosystem news. Last week, we reported that Abrdn had selected Hedera to tokenize assets. This move was expected since Abrdn joined Hedera’s governance council in 2022.
HBAR token price peaked at $0.1412 in March and then tumbled to a low of $0.068 on Saturday, a 51% crash. It formed a hammer pattern on Saturday, a popular sign of a bullish reversal. The token remains below the 200-day Exponential Moving Average (EMA), signalling that bears are in total control.
Hedera may be forming a bearish pennant pattern, a popular signs of a bearish continuation. Therefore, I suspect that the token will continue falling in the near term, with the next point to watch being last Saturday’s low of $0.068. A break below that level will point to more downside.
VeChain price predictionVeChain, like other cryptocurrencies, was not left behind in the weekend’s sell-off and the eventual recovery. The VET token plunged to a low of $0.03520 on Saturday, its lowest point since February 24th.
It has now bounced back and moved above $0.045 and jumped above the 25-day and 50-day EMAs. It also jumped above the crucial support level at $0.03921, its highest swing in December last year.
Meanwhile, the Percentage Price Oscillator (PPO) has moved to the neutral point while the MACD indicator has jumped above the zero line.
Therefore, the outlook for VeChain is moderately bullish as long as the token is able to move above the crucial resistance point at $0.0480, its highest point on March 28th.
A move above that level will open the possibility of it soaring to the year-to-date high of $0.055, its highest point on February 28th. A break below the support at $0.039 will point to more downside.
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