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ONT price prediction suggests a bullish trend in asset prices. It has seen a gain of 20% in the intraday session - 2
ONT correlation with BTC is around 0.36 but may see growth. ONT/BTC pair has seen a rise of 19%
Ontology is a blockchain that is working on decentralized identity for Web 3. It is designed in such a way as to increase transparency, privacy, and scaling. Ontology EVM also ensures great compatibility with Ethereum. They aim to create a future where identity and data are protected through strong encryption. It was founded by Li Jun in 2017.
The transactions on the ONT blockchain have declined. Meanwhile, the daily new address of the protocol surged from 798 to 1250. The growth in the number of addresses has also been linearly increasing. ONT correlation with BTC is very less compared to other altcoins and is currently near 0.36. Despite this, ONT recorded a strong rise in the past 24 hours.
Ontology has a market cap of over $275 million and is ranked 138th in the crypto-verse. The volume of ONT spiked by 1789% in the past 24 hours. The volume-to-market cap ratio of the asset price is 1.0834 which highlights the continuation of the bull trend.
Will ONT Bulls Push Beyond $1?
The weekly technical chart of ONT hints toward a consolidated trend in price. It has observed strong growth in the past 24 hours. ONT is currently trading near the value of $0.3049 with a gain of 19% intraday. The upside trend of ONT can see a halt near the value of $0.5. Meanwhile, the support of the asset price can be observed near $0.2. ONT has a negative ROI but can see a reversal in the future. It is trading above the 50 and 100 Daily Moving Averages. There can be a positive crossover in the future which can push the asset price to a new high.
The RSI of ONT is near 70 suggesting its presence in the overbought zone. There is a strong positive slope that can push the asset price to a new high.
Conclusion
Ontology recorded a strong spike in volume in the past 24 hours. ONT gained 20% and could continue this bullish trend.
Technical Levels
Major Support:$0.2
Major Resistance:$0.5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/04/17/ontology-ont-volume-rises-by-1772-will-it-sustain/