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Ontology Technical Analysis - Ascending Channel Continues

Updated: Jul 25, 2024
Published: Jun 28, 2019
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Hello traders! In the following article, we will be covering the latest updates in ONT price action. In an article published on June 9, Cryptonary highlighted the importance of the upcoming fundamentals:

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“The team has published on Medium its roadmap for both, the Chain Network and the Trust Ecosystem, which are the two most important ONT developments scheduled for this year. Plato (a heterogeneous Chain Network) and Aristotle (a milestone improvement with the aim of being the “next internet generation”) are both scheduled for the last months of 2019 and the beginning of 2020 respectively”

The price of the high-performing project and distributed collaboration platform performed positively in the last BTC Bullrun, reaching the $2.15 level on the 26th of June. Volume has been increasing gradually and has performed outstandingly in the last few days. ONTUSD has gained $253,2 Million in volume in the last 3 weeks (from $44,3M to $297,57M).

Analysing the daily chart, an opportunity seems to have been presented. ONTUSD has bounced from the $1.3380 support zone (highlighted in yellow). The ascending channel has been formed since early May and bulls have entered consistently on those levels, creating higher lows. The June 27th daily candle closed above the supply zone, with bears exiting their positions around the area. This rejection is a good indicator of a bullish momentum ahead and traders must watch the performance of the altcoin market cautiously.

Two scenarios are feasible at this point. If price bounces sharply from the yellow zone ($1.3338-$1.3648) then the next targets will be $1.6139 and $1.7829 (highlighted in red). On the contrary, if bears push the price below the ascending formation, the pattern would be invalidated and  PA could easily reach $1.2446 and $0.9934, which at the same time, are good entry points for a long position.

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