ONT Technical Analysis: Price Increased from the Day’s Opening Price of $0.762

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Ontology is a high-performance, open-source blockchain specializing in digital identity and data. Ontology’s unique infrastructure supports robust cross-chain collaboration and Layer 2 scalability, offering businesses the flexibility to design a blockchain that suits their needs. With a suite of decentralized identity and data sharing protocols to enhance speed, security, and trust, Ontology’s features include ONT ID, a mobile digital ID application and DID used throughout the ecosystem, and DDXF, a decentralized data exchange, and collaboration framework

At its launch, Ontology chose to forego the popular initial coin offering (ICO) model in favor of a series of community distributions and airdrops of its ONT cryptocurrency, which began life as a NEP-5 token on the NEO blockchain. This helped to quickly establish both organic price discovery and a passionate community and helped the project to avoid subsequent regulatory scrutiny. The ONT technical analysis is as follows:

Past Performance

On July 3, 2021, ONT opened at $0.687. On July 5, 2021, ONT closed at $0.729. Thus, in the past week, the ONT price has decreased by roughly 8.94%. In the last 24 hours, ONT has traded between $0.712 – $0.708.

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Day-Ahead and Tomorrow

Currently, ONT is trading at $0.736. The price has increased from the day’s opening price of $0.762. Thus, the market seems to be bullish.

The MACD and signal lines have just turned positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Hence, the overall market momentum is positive. Hence, we can expect the ONT price to go up further.

Currently, the RSI indicator is at 36% in the ‘overbought’ region. Thus, buying pressures are very high. In other words, like the MACD indicator, the RSI indicator is also pointing towards a further price rise.

The A/D indicator has fallen steeply. But, for the past few minutes, it has been rising steadily. Thus, accumulation activity is slowly building. Hence, the A/D indicator is giving further credence to the bullish signals given by the other oscillators. Hence, the price will continue to increase.

ONT Technical Analysis

Currently, the price has broken out of the first Fibonacci pivot resistance level of $0.718. It may also break out of the subsequent resistance levels of $0.762 and $0.734, respectively, in some time.

The price has tested and broken out of the 23.6% FIB retracement level of $0.760. It may soon break out of the 23.6% FIB extension level of $0.779 as well. Thus, the bulls seem strong, and we can expect the price upswing to continue today and tomorrow.

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