Ontology is a blockchain network that focuses on decentralized data and identity. It facilitates cross-chain collaboration, high scalability, and the development of customized blockchain designs as per user or business needs. ONT is the native token of this blockchain ecosystem. ONT technical analysis is as follows:
On April 3, 2021, the opening price of ONT is $1.79. As of April 9, 2021, the closing price was $2. Thus, in the past week, the ONT price has soared by roughly 12%. In the last 24 hours, ONT has traded between $1.98-$2.08.
Day-Ahead and Tomorrow
Currently, ONT is trading at $2.02. The price has increased slightly from the opening price of $2. Thus, the market looks positive.
The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish, and we can expect a price pullback.
The OBV indicator is falling gradually. Thus, selling pressures are higher than buying pressures. Hence, we can expect the price to go down.
The RSI indicator is currently at 43%. It faced rejection at 52% and fell to the current level. Thus, selling activity is very high in the ONT market. Hence, we can expect the price to drop further.
ONT Technical Analysis
As per technical analysis, the price has fallen below the Fibonacci pivot point of $2.02. As all the oscillators are showing bearish signals, by day close, we can expect the price to fall below the third Fibonacci pivot support level of $1.92.
The price has tested and fallen below 38.2% FIB retracement level of $2.02. In some time, we can expect the price to fall below 23.6% FIB retracement level of $2. Thus, the bears are strong, and we can expect the bearish trend to continue tomorrow as well.