The idea behind Ontology has been appreciated by most of the investors, which is the precise reason why we often witness a strong buying in this cryptocurrency even when most others are trading in the red. Being a public blockchain network, there is immense trust in its decentralization. While others can use its smart contract and distributed ledgers technology, we can definitely make some profits trading in its cryptocurrency.
Ontology works on a dual cryptocurrency model that is used for specific purposes. You have the option of either trading in ONT, the cryptocurrency meant for staking purposes, or choose to trade in ONG, which is also known as Ontology Gas, meant for on-chain services.
Ontology Price Analysis
ONT has been showing strong price action with zero weakness, indicating the bullish stance of investors in this cryptocurrency. We are witnessing a rise of new profit-making crypto in times of consolidation when all major crypto assets are consolidating in the negative trend.
Ontology has broken through its immediate resistance of $0.7685 with absolute ease, as it zoomed north with an intraday momentum of 13% on daily charts. ONT moved up from $0.744 towards $0.8830 in a matter of one hour. Although traders seem to have been booking profits after such a significant move, as long as ONT maintains a closing value above the resistance line posed by the orange line, there is very little scope of trade turning south.
We expect ONT to carry on with the trend line and attempt to retest its $1.2212 level. There is a scope of above 50% gains within August or even more. On volumetric levels, we are witnessing a huge rise in transactions. On the downside, we have strong support at $0.5245 levels. Any trade entered at these levels carries a favorable risk to reward ratio.
Ontology on hourly charts indicates immense strength, a significant rise of volumes, and respecting the trend line. We can also witness a retracement from day highs. For a bullish stance to remain, we need ONT to close above the immediate resistance line. The broadening of Bollinger bands signifies a higher price action, but with the positive sentiment at its back, we consider Ontology to attempt to reach $1.2212.