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USDY (US Dollar Yield Token) is a tokenized note secured by short-term US Treasuries and bank demand deposits.
- Subscriptions, whereby which create new USDY tokens
- Redemptions, whereby an investor returns Tokens to Ondo to get their money back (plus accrued yield).
- Transfers, whereby an investor sells their Tokens in the secondary market or utilizes their Tokens within DeFi.
ONDOUSD was one of the best performers in past two days
Any daily close above $1.16 confirms further bullishness.
ONDOUSD gained more than 25% in the past two days. The pair holds well above the short-term (21 and 55 EMA) and below the long-term moving average (200-EMA) in the 4-hour chart. It hit a high of $1.165 and is currently trading around $1.1075.
The bullish invalidation can happen if the pair closes below $0.60. On the lower side, the near-term support is $0.750. Any break below targets $0.60.
The immediate resistance stands at around $1.16. Any breach above confirms bullish continuation. A jump to $1.31/$1.50/$2 is possible. A surge past $2 will take it to $3
It is good to buy on dips around $0.90 with SL around $0.70 for TP of $2.
