Ontology cryptocurrency failed to trade over its immediate resistance line and even broke its trend line. With the current sentiment on the clock, the ONT coin comes out as negative for the time being. The rejection at the level of $1.20 has pushed ONT down by more than 20% in just three days. ONT breaks the trend line but has immediate support lurking at $0.98. Will it take support or breakdown to lower levels? More on the technical analysis segment.
Ontology Recovers After Hitting $0.94 Low
Immediate Support Level: $0.98
Immediate Resistance Level: $1.16
200 Day moving Average: $1.19
Ontology has taken a massive hit as it breaks down from resistance levels, but we have strong support active at $0.98 levels, which can help ONT climb to its recent high and even help take support from its 200 Day Moving Average. For the shorter time frame, the outlook is negative, and we can expect a fall back towards $0.75 levels in the shorter time frame. Although things are looking good on the longer time frame with the potential of touching $2.00 in the long run.
For the last couple of weeks, RSI was trading in the overbought zones hindering investor interest in buying an already moved asset. After the attachments of over 20%, investors might find ONT coin an attractive investment and re-engage with this coin. After hitting a low of $0.9436, ONT has once again started to recover and has reached $0.9794 at the time of this technical analysis.
The volumes have been consistent over the last three days, and hence we can expect a push back soon. Those intending to save their capital should consider the support level as a stop loss zone to avoid further risk in this crypto. Others, in profit, can book their profits and wait for higher levels for further booking or buy some more at the lower support zones.
