Ontology slips beyond the top 100 cryptocurrencies after falling by more than 8% on an intraday basis on September 20. The price action has turned extremely negative and should be expected to continue trading in the reds. Movement in the last two weeks has been entirely negative, with a drop in buying sentiment and daily volumes indicating lesser participation by existing investors.
Of its total 1 billion coins, more than 80% of the same is already under circulation. The use cases and deployment of actual ONT cryptocurrency are progressing at a decent pace. Ontology, by design, offers better support and technology than Ethereum for creating customized blockchain by adding superior governance and privacy model.
ONTOLOGY Price Analysis
Ontology cryptocurrency is witnessing a strong negative sentiment, and it is close to a critical support level. Breaking its 100-day moving average line can initiate a strong rejection enforcing profit booking on a grand scale.
September has become a bleeding month for Ontology as it loses almost 35% this month. After the September 07 fall, which breached the 200 DMA in a matter of seconds in a free fall red candle, the lack of buying sentiment at lower support levels has come in heavily on its valuations.
Ontology has strong swing support active at $0.7671, followed by a four-month low valuation of $0.5245. Resistance would come into play only after it takes support from the 100 DMA curve and retests the $1.00 levels. After consistent attempts of trading above $1.00, it finally fell below the psychological mark this Sunday.
Furthermore, the double-digit fall on September 07 has become a significant disappointment for ONT investors, but most new buyers are exiting their position to secure their money. As a result, daily transaction volumes have dropped below one-third of pre-September 07 volumes.
RSI has also taken a severe dip from overbought and positive levels of 70 towards 40 as of 20th September 2021. Any retracement from its current levels has to breach $1.00 on a closing basis and defend the psychological level to be considered a positive movement.
