Ontology is a public blockchain, which is a distributed and trust-based collaboration platform. It has a unique infrastructure with ledger accounts and smart contracts to run the system efficiently, allowing users to create a blockchain-based on their requirements.
It consists of ONT ID, mobile digital ID application, and decentralized data exchange that enhance the security and trust of this platform. It was launched in 2018, and since then, Ontology has been running on an independent blockchain. The ONT is also used for transaction network fees.
At the time of writing this analysis, ONT/USD is trading around $0.21, which supports this chart. On the daily chart, the recent candle sticks are forming around the baseline of the BB, and the RSI is around 40, suggesting a consolidation between the range of $0.21 and $0.3.
Still, if it breaks this resistance, the next resistance will be $0.5, which is a good profit for the short term. The current price is around the support, so that you can invest at this price with a target of $0.5 for the short term.
However, is this trend sustainable for the long term? If it breaks the $0.5 level and consolidates within a range of $0.8 and $0.5, then you can consider it as long-term bullish, and that will be a good opportunity to invest for the next few years.
