Ontology is an open-source protocol that primarily focuses on the creation of decentralized identity and data. It is agile, highly scalable, and facilitates cross-chain functionality. High speed and security are other features of this network. ONT is the customized token of this ecosystem. Let us look at the technical analysis of ONT.
Past Performance
On Jul 24, 2021, ONT opened at $0.644. On Jul 30, 2021, ONT closed at $0.817. Thus, in the past week, the ONT price has increased by roughly 27%. In the last 24 hours, ONT has traded between $0.771-$0.821.
Day-Ahead and Tomorrow
Currently, ONT is trading at $0.815. The price has decreased from the day’s opening price of $0.817. Thus, the market seems bearish.
The MACD and signal lines are positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the price to go up.
Currently, the RSI indicator is at 56%. It faced rejection at 55% and rose to the current level. Hence, buying pressures are mounting. High buying activity will exert upward pressure on the ONT price.
However, the OBV indicator has fallen steeply. Thus, selling volumes are higher than buying volumes. Hence, the price may fall further.
In short, the OBC indicator has given negative signals, while the RSI and MACD indicators have given positive signals. Thus, we can expect intermittent price pullbacks amidst an overall bullish trend. The possibility of a trend reversal cannot be ruled out too. Selling pressures cannot be ruled out in an eight-hour window.
ONT Technical Analysis
Currently, the price is above the Fibonacci pivot point of $0.803. The price may soon break out of the first Fibonacci pivot resistance level of $0.822. After that, we have to wait and watch if the price continues to rise or starts falling.
The price has tested and risen above the 23.6% FIB retracement level of $0.809. It may break out of the 23.6% FIB extension level of $0.833 as well. By day close, if the price retests and falls below these levels, the price downtrend is strong enough to sustain till tomorrow.
