The Ontology (ONT) price chart indicates an overall bearish trend. The sellers are currently leading the down rally under a dynamic resistance trendline. Until the descending trendline is intact, the QNT price poses a threat to continue its downtrend. However, the bulls are currently retesting $0.455 resistance with the hope of bullish breakout.
Source-Tradingview
The Past Performance Or Trend
During the second week of January, the ONT bulls were trying to defend the July 2021 low support of $0.556. However, the recent panic selling in the crypto market plunged the coin price to yearly support of $0.4.
The bulls immediately stepped in and rebounded the alt to immediate resistance of $0.55. This V-shaped price recovery gained around 40% in the last two weeks.
Descending Trendline Threatens 28% Free-fall In ONT Price
The ONT/USDT pair is currently facing a combined resistance of $0.55, descending trendline, and 20-say EMA. This trendline started in early-mid-December 2021, has greatly assisted bearish to sell on rails. Therefore, If sellers exerted intense selling pressure at the $0.55 mark, the coin price is likely to slide 28% to $0.4.
However, in case the bulls manage to pierce the overhead resistance, the crypto traders can expect a rally to the $0.8
By the press time, the current price of the ONT coin is trading at $0.55, with an intraday gain of 11.64%. Moreover, the 24hr volume change is $225.7 Million, indicating a 543.5% loss. According to coinmarketcap, the coin stands at #129 rank with its current market cap of $486.9 Million(+14.86%).
Technical indicator
The ONT/USDT technical chart indicates a bearish sequence among the crucial MAs(20, 50, 100, and 200). These MA lines would act as a valid resistance level during bullish pullback.
The Moving average convergence divergence shows bullish crossover among the MACD and signal line, suggesting a buy signal. Moreover, the histogram chart displays rising green bars indicating the bulls are picking up momentum.
- Resistance levels- $0.56 and $0.65
- Support levels- $0.5 and $4
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/99367-2/