- The ONT crypto price is down by 17% in the last 2 days.
- Ontology price has slipped below the 50-day EMA and is heading for the 200-day EMA.
Buying momentum in Ontology crypto has been detected since September 2023 and reached a 52-week high of $0.519 on April 23, 2024. However, the buyers failed to hold the high, and selling pressure was detected. The price has lost around 35% after the recent high in a week.
Since March 2024, the digital asset price has been consolidating in a parallel channel. Recently, it triggered a breakout from the channel but failed to sustain and fell back to the channel. The ONT token price has recently retested the upper resistance level and is heading for the support level.
At press time, the Ontology price traded at $0.339, down by 9.33% in the past 24 hours. The market capitalization is $296.91 million, and the 24-hour trading volume is $81.30 million, with a fall of 32%.
The circulating supply is 875,249,524 ONT, and the fully diluted market cap is $339.42 million. The maximum and the total supply is 1,000,000,000 ONT.
Ontology Price is in Up Trend; Will It Keep Surging?
The ONT price chart displays that after a buying momentum, the bulls lose control, and momentum shifts to the bears. As we can see, the price has melted back into the channel after a fake breakout.
Suppose the running candle on the daily time frame closes below the 50-day EMA; it may melt to the 200-day EMA with a sharp fall. Here, on the 200-day moving average, there is a strong support level from where the price takes support.
If investors prefer to book profit, the price may slip below the channel, and a bearish momentum for the next few weeks can be detected. On the other hand, if the asset price takes support on the $0.280 and bounces back, then it may consolidate in the channel for the next few months.
Based on the technical indicators, the Ontology price is trading between the key moving average, indicating the neutral momentum. RSI is 46 and has generated a death crossover. Overall, the technical indicators are favoring a bearish forecast.
Volume Has Decreased by 60% in 2 days; What’s Next Move?
An unusual change of more than 3000% in the trading volume was detected in April. Since the second week of April, the trading volume has declined, affecting the price slightly.
In the last 2 days, the trading volume has been compromised by 60%. On April 28, 2024, the trading volume was pumped by 700%, but it is declining slowly. If the trading volume increases and sustains, then it may positively impact the price.
Conclusion
Ontology crypto price seems to be facing bearish pressure. The price has slipped below the 50-day EMA and is heading towards the 200-day EMA. It is currently consolidating in a parallel channel, and if the price closes below the 50-day EMA, it may fall sharply to the 200-day EMA.
However, if the price takes support at the $0.280 level, it may consolidate in the channel for the next few months. The trading volume has also decreased in the last 2 days, but an increase in volume may positively impact the price.
Technical Levels
Resistance: $0.400 & $0.500
Support: $0.290 & $0.210
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.