The Ontology blockchain offers a high-speed, low-cost public joining to bring decentralized identity and data solutions to Web 3.0. Despite the strong presence in the DeFi industry, the native token of Ontology (ONT) failed to show buyers’ interest in recent months. $2.95 level is the higher peak for this instrument since 2020, where the current price is 91% down from the peak.
The massive selling pressure on ONTUSDT price was influenced by the recent crypto market crash, followed by the rising inflation. The living cost is rising, and investors are not interested in putting their money on volatile assets. The sign of a conservative approach is clearly visible from the coinmarketcap crypto listing based on market volume, where stablecoins took a position after Bitcoin and Ethereum.
There are almost 88%, or 875,249,524.00 ONT in circulation, where the buying pressure is visible from the 32.79% increase in trading volume for the last 24 hours.
What is the latest ONT Price Prediction? Let’s see the Ontology (ONT) Price Prediction from the Ontology Forecast today:
ONTUSD Trades Below The Key Supply Zone
The current trading range for ONTUSD price based on the daily chart is between 0.3996 high to 0.2074. Moreover, the previous market trend is bearish, where any upside pressure would open a selling opportunity.
This technical analysis shows the daily price of ONTUSD, where the current price is trading within an ascending channel. Moreover, the price made a strong bullish daily close above the dynamic 20 EMA resistance and remained stable above it for more than five trading days.
In the indicator window, the MACD Histogram represents how bulls dominate the market where the current Histogram is above the neutral 0.0 line. Moreover, the MACD Line has more space to move higher above the 0.50 previous resistance level.
In Ontology Price Prediction, the immediate daily supply zone is 0.3996 to 0.3552 area from where the existing bearish trend may resume. Primarily, if the price remains above the dynamic 20 EMA support level, it may extend the bullish correction towards the 0.3000 level. The alternative approach is to wait for a channel breakout with a daily close below the 0.2074 level. Then, it will open a short opportunity toward the 0.1500 level.
ONTUSD Ichimoku Cloud Analysis
According to the H4 Ontology (ONT) Price Prediction, the primary market trend is bullish as it trades above the Ichimoku Kumo Cloud with buying pressure. Moreover, in the future cloud, the Senkou Span B moves upwards where the Senkou Span A is higher than the Senkou Span B.
The indicator window shows buyers/sellers' dominance in the market where the current Traders Dynamic Index line is at the 50.00 level. Moreover, the starting point of the TDI line is from the lower band, where buying pressure towards the 80.00 level is pending.
According to the ONT forecast, the bullish opportunity in this pair is valid as the current price trades above the dynamic Tenkan Sen and Kijun Sen. The primary target of the buying pressure is towards the 0.2818 resistance level from where a profit taking may happen. On the other hand, the bullish opportunity may become obsolete if the price comes below the 0.2377 support level in the coming session.
ONTUSD Intraday Price Action Analysis
As per the ONT Price Prediction, this pair's bullish momentum is solid as the current price trades above the 0.2338 strongest trading volume level from the visible range. Moreover, the current price trades within a symmetrical triangle, where an H4 close above the triangle support would boost the buying pressure.
The dynamic 20 EMA and weekly VWAP are below the price, working as near-term support levels. On the other hand, the MACD EMA awaits a bullish crossover, increasing the bullish opportunity. In that case, any buying pressure in this pair will benefit from the confluence support from dynamic 20 EMA and VWAP, increasing the success rate.
Based on the current context, a conservative bullish approach needs an H4 candle above the triangle resistance, where the primary aim is to test the 0.2818 resistance level. On the other hand, a bearish correction towards the 0.2400 to 0.2350 zone would provide another buying opportunity, which is valid until the price breaks below the 0.2337 high volume level with a bearish H4 candle.
Is Ontology (ONT) A Sell?
According to Ontology (ONT) Price Prediction, the long-term market trend is still bearish, where a minor bullish correction is pending in the daily chart. Moreover, the buying pressure is supported by the intraday price action, where the breakout from the triangle formation could provide a bullish opportunity.