Ontology cryptocurrency launched its own mainnet in June 2018 and now operates independently. It is attempting to revolutionize the storage and access of identity proof and relevant data. After making a decent jump in the first half of 2021, making consecutive higher highs, It seems to have lost its charm and is currently following a negative trendline. Is there some potential for this crypto asset? To answer that, we need to perform a complete technical analysis of Ontology and assess its valuation concerning previous highs and lows.
Ontology Technical Analysis
Ontology is clearly in a negative trend, and despite the market reversal in broader cryptocurrencies, it seems to be untouched by investor’s buying sentiment. After ending each day in new highs for five days, we again witness profit booking that has pushed this coin into trouble. In the last two days, it has fallen over 10 percent.
Trading way below the moving average supports, Ontology is waiting for some miracle or investor interest in owning this cryptocurrency to improve its valuations. As of now, its resistances are clear, but support is just a historical price buying range that is preventing further fall in this cryptocurrency. MACD is also indicating the end of a positive buying swing and entering into a dormancy cum negative trend.
Should You be Interested in Ontology?
On hourly charts, we get a clear indication of near resistance and support. After rising from $0.56 levels, the ontology was headed towards $1 but faced resistance around $0.75 level and is currently falling toward the $0.60 levels, which could induce some buying. Making consistent red candles on Heikin Ashi charts makes it obvious that there is too much negativity on this counter.
RSI indicator is also close to oversold zones showing very minimal investor interest in buying even at current levels. A level of 40 shows the potential to revive Ontology since all the positive swings are originating from the current levels.
