Ontology (ONT) Technical Analysis: Support Continues to Arrive After Successful Korean MainNet Launch

Published on 20 August 2018 by Cryptovest Staff

Nothing in this article is to be construed as investment advice. Neither the author nor the publication assumes any responsibility or liability for any investments, profits or losses you may incur as a result of this information.

Ontology reigns supreme among the top 100 this week, as the best performer against BTC right now with a 69.65% gain over the last seven days. Investor speculation in the runup to Ontology’s Korean MainNet launch was able to lift the asset off the bottom with an initial 150% surge on August 14th after having spent the last three months stuck in a bearish decline.

At the moment the asset is positioning well to continue bullish, especially as the project gets ready to host the next MainNet event in Tokyo soon, on August 25th.

Judging by the indicators right now, the likelihood of ONT holding onto its gains and pushing for another bull run soon, is looking promising.

Technical Indicators Supporting the Bullish Trend

  • Golden Crossover: The first strong bullish confirmation we have is a ‘golden crossover’ between the 50 and 200 EMA lines. The convergence between these two lines is a very good signal that buying momentum is overpowering bearish selling pressure.
  • Chaikin Money Flow: The Chaikin Money Flow indicator is also supporting the golden crossover with a rising CMF value above the zero line.
  • RSI Recovery: RSI has recovered back into the index channel from the overbought region, as ONT stabilizes after the opening bull run.
  • Ichimoku Indicator: The Ichimoku indicator is showing a strong bullish T/K crossing with a supporting Kumo projected out in front of the price action.

The Ontology Tokyo MainNet launch in five days’ time will also be a strong bullish factor to consider, as the project hopes to attract further investment from Japanese investors and increase its market exposure in the Far East.

Ontology (ONT) Price Targets

All price targets are set from the 36,460 Sats mark, where ONT is currently valued.

  • Price Target 1: A second wave of bullish support will aim to retest the earlier resistance at 43,750 Sats (19.99 ROI).
  • Price Target 2: There may be some bearish opposition around the 47,750 Sats mark, as this level was a resisting point during last month’s decline. (30.97% ROI)
  • Price Target 3: The final price target for this asset will be at the top of the red channel, at 49,750 Sats (36.45% ROI). Historically, this point was a strong resistance/support level for ONT throughout April this year.