Ontology Breaches 5-Month Resistance & Retains Support
Ontology, one of the best-decentralized platforms, has its benefits of curbing data abuse resulting in enhanced data privacy and reducing data fraud. Alongside, the recent upgrade to ONT.IO, the ecosystem now supports seven languages to build an efficient and transparent global community.
Additionally, the blockchain-based platform has integrated with NEAR Protocol and extends comprehensive tech support from a regulatory and legal perspective to support smart contracts. This new integration will lead to emphasizing and speeding up the proliferation process of secured decentralized ID solutions.
#digitalidentity is coming NEAR you! Great job @OntologyNetwork team! https://t.co/C89ppTzwnx
— NEAR Protocol | Create Without Limits (@NEARProtocol) August 7, 2020
NEAR, which is a decentralized, secured platform that manages high-value assets—money. The two after the collaboration will primarily focus on delivering a fast and user-friendly interface with a unique infrastructure to support an active cross-chain collaboration. ONT is one of the leading cryptos and is also one of the amazing performers amongst the top 30 coins of the global crypto market.
Ontology Price Analysis
ONT, on an intraday chart, appeared strengthening since the beginning of yesterday’s trading session. Otherwise, ONT/USD had been seen holding a consolidating and flat momentum above 61.80% Fib Retracement level, if we emphasized the 10-day movement of the currency.
Related: Read our ONT price predictions
However, after reclaiming a 10-day high at $0.844, it is now trading at $0.800 with an intraday pullback of merely 5% but is maintain its stance above 38.20% Fib Retracement level. However, before Ontology price rose above 61.80% Fib i.e., above $0.700 price area, it tanked to test support as low as $0.611 just when the entire market, including BTC—the king of cryptocurrencies nosedived to test support around $10.5 after breaching above $12, momentarily.
Emphasizing on the cumulative movement of Ontology against the greenback, we see that the coin is drawing a notable uptrend right after the massive sell-off in March due to the Pandemic. On the other hand, if we compare the 20-day Bollinger Bands in the two-time frames, we see that the laid technical indicator is gradually widening with a bullish candlewick.
However, a look at the ONT’s intraday movement shows that the coin lacks steady momentum, so the 20-day Bands may come close and squeeze, projecting a breakout. The pattern brings us to a simple yet confirms the conclusion of a bullish breakout anytime soon.
The MACD chart holds slight bullish divergence on 24-hour chart, as the cumulative movement shows a positive sentiment. In this regard, the RSI is also inclined towards the overbought region and is lying at 66.34 in the same timeframe.