- Ontology price gained traction recently and broke the $0.9000 and $0.9500 resistances against the US Dollar.
- There was a break above a key bearish trend line with resistance at $0.8900 on the 4-hours chart of the ONT/USD pair (data feed from Binance).
- ONT price spiked above the $1.0000 resistance before correcting a few points
- There could be a minor downside correction before the price rallies further above $1.0000.
Ontology (ONT) surpassed Zcash to move to the 10th spot in the market cap. Its price could continue higher and there are even chances of ONT surpassing the market cap of NEM (XEM).
Ontology (ONT) Price Analysis
In the past two days, there were decent gains in bitcoin, Ethereum, ripple, litecoin and EOS against the US Dollar. Similarly, a few small cap altcoins gained traction, including ONT. After declining as low as $0.7882, there was a solid upward move. The price moved above the $0.8500 resistance level to started a decent recovery. Buyers pushed the price above the 23.6% Fib retracement level of the last decline from the $1.2230 high to $0.7882 low. There was even a close above the $0.9000 resistance and the 55 simple moving average (4-hours).
Moreover, there was a break above a key bearish trend line with resistance at $0.8900 on the 4-hours chart of the ONT/USD pair. The pair extended gains above $0.9500 and spiked above the $1.0000 resistance area. However, further gains were contained by the $1.0055 level. The 50% Fib retracement level of the last decline from the $1.2230 high to $0.7882 low also acted as a resistance. The price is currently correcting lower, but there are many supports near the $0.9200 and $0.9000 levels.
The main support is near the $0.9000 level and the 55 simple moving average (4-hours). Below $0.9000, the price could find bids near the $0.8500 level. There is also a connecting bullish trendline in place with support at $0.8300 on the same chart. On the upside, a close above the $1.0000 level could push the price further higher. The next stop could be near the $1.1200 level.
Looking at the chart, ONT price is clearly gaining pace above the $0.9200 level. Once buyers gain momentum above $1.0000, there could be further gains. On the other hand, a downside correction may find support near the $0.9000 and $0.8500 levels. The overall price action suggests more gains above the $1.1000 level in the near term.
Technical indicators
4 hours MACD – The MACD for ONT/USD moved nicely into the bullish zone, with a positive bias.
4 hours RSI (Relative Strength Index) – The RSI tested the 70 level and it is currently correcting lower.
Major Support Levels – $0.9000 and $0.8500.
Major Resistance Levels – $1.0000 and $1.1200.