Ontology Price Analysis – ONT/USD
Ontology blockchain framework supports public blockchain systems and is able to customize different public blockchains for various applications. By CoinMarketCap, Ontology is one of the renowned 32nd largest cryptocurrencies having its market cap which stands at the level of $155,357,743, 08:18 UTC on December 12, has experienced slashed in current value by 74.2% relative to the level of October 08 as analyzed from the graph above. We can quickly estimate the low in value is due to strong bearish pressure as precisely interpreted by the downward slope.
Let us talk about the technical picture of the ONT/USD pair as follows:
Since both moving averages have declined significantly that signals a negative sign. So much so that the 14-day RSI has hit deeply oversold levels, which suggests that selling has been overdone and a pullback may be likely. The falling 20-day EMA and the RSI in the oversold territory show that the bears have the upper hand since the ONT remains in a bearish trend in its medium-term outlook. As stated earlier that its only the strong bearish pressure and competitive forces have successfully caused a drop in current value by making it the lowest low of the day before exhaustion set in.
While no bullish patterns that recommend a buy, hence, it is best to remain on the sidelines. Traders and all those community users that involved in trading activities actively should wait for the trend to reverse and a bottom to form before initiating any long positions in it. The 20-day EMA is sloping down, and the RSI is in the oversold territory, which shows that the balance is tilted in favor of sellers. Those who like to invest in this cryptocurrency, the current fall offers an excellent opportunity to invest in the long term.
Now let me walk you through certain milestone that this cryptocurrency attained in the recent past. The ONT remained range bound from September 26 to October 15 this year, as the cryptocurrency rallied from a low of $1.801 to a high of $2.28 which is a 26.5 percent within 19 days. Amid this, the ONT stayed in the range of $1.70-$2.12 from September 17 to November 12 as we can quickly analyze from the graph above, and since then the bears broke that level and experienced downtrend in value.
If bulls succeed in rising and sustaining above the $1 and create uptrend (i.e., traded above the EMA) the investors will start buying this currency more and more thereby increasing its value. However, based on the current trend, the next support level could be $0.55.