Bulls Have Started the Controlling ONT Coin, Will They Prevail?

• The Ontology Coin price has surged by over 34% in a month and 47% in a year.
• It has formed a descending triangle pattern on the daily chart.
• The current market price of the ONT Coin is $0.2220.

The Ontology coin price has struggled to rise and underperformed for the past few years. It was listed on the Binance exchange in June 2018 and created a high of $8.6420 in the first trading session. Since then, the coin price has fallen and made an all-time low of $0.1458.

In the current trading session, the Ontology Coin price is trading with a rise of $0.0007 or 0.32%. The market capital of the ONT coin is $195 million. Its total volume traded for the current trading session at the time of press is 4.581 million. The Max. supply of the Ontology Coin is 1,000,000,000 ONT, out of which 875,249,524 coins are currently in circulation. In 2023, the Ontology token price has given a rewarding move to both the buyers and sellers. It favored the bulls in the initial phase of the year and then started favoring the bears in April 2023. The Coin price has formed a base between August and September and showed a good surge in October.

Will the Upper Trendline Halt the ONT Coin Price Movement?

The ONT Coin price has formed a descending triangle pattern on the daily chart, which means the sellers are aggressively taking over the area. The resistance is shifting downwards and the buyers are holding the support at a horizontal range. The coin price has surged by over 34% in a month, which indicates that the buyers are currently dominating the price.

The ONT Coin is facing a rejection from the resistance level of $0.2440. The trendline resistance for the coin price is present near the level of $0.2914. Above the trendline, the next resistance is present near $0.3308. However, the ONT Coin price has surged strongly from the $0.1501 level and it can provide support to the price in the future.

What the EMA and RSI are Indicating about the OCT Coin Price?

The ONT Coin price is trading above the 50-day and 200-day Exponential Moving averages, which indicates bullishness. The 50-day EMA is on the verge of crossing the 200-day from below, which is termed a golden crossover and it is a bullish sign.

The Relative Strength Index (RSI) is curving at 68.03 and it has just come lower from the overbought trajectory. It is a sign that the price is now correcting before another upward rally.

Conclusion

The current uptrend has been halted and the price is now showing a correction. It is considered a cool-off phase as the price has been exhausted after the one-sided sharp rally. The price is looking strong and it can resume the rally on the upside after that.

Technical level

• Resistance – $0.2440 and $0.3308
• Support – $0.1501

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.