Ontology crypto has been trending upwards since the past week but the upwards momentum had been weak. It was only in the daily timeframe that the cryptocurrency surged upwards. At the time of writing, ONT coin stands at a price level of $0.80. The price has increased by 13% in the past twenty-four hours while the trading volume has shot upward by 210%. The overall weekly gain for the cryptocurrency is nearly 30%. Ontology is ranked at eight-nine in the market in terms of capitalization.
Technical analysis
The market sentiment for Ontology crypto is bullish. Twelve of the total twenty-six technical indicators are giving out an indication of buy. Ten indicators of the rest are standing at a neutral position and only four are bearish with a sell signal.
Ontology crypto has been identified to be operating in a descending channel formation since the peak at May in the bull run. The cryptocurrency had also been declining in volatility and moved towards more bearishness. However, a pullback has been observed at the strong supporting price level of $0.61. The support level coupled with the bullish trend in the market has resulted in Ontology reaching towards the upper boundary of the channel. The upper boundary is acting as strong resistance for ONT and a break out has yet to be confirmed.
What is Ontology crypto and its future outlook?
Ontology’s network focuses on digital identity and data. The blockchain is designed to support high cross-chain collaboration as well as to be compatible with Layer 2 scalability. The network offers multiple services in the digital id and data space, a collaboration network, and decentralized data exchange. The one-year forecast by Wallet Investor is not bullish and expects a drop to $0.72 while the five-year projection places Ontology crypto at $0.95. Digital Coin Price is hopeful for the crypto’s future and predicts it will end the year at $1.25 and reach towards $2.98 by 2026. Hence, the short to the mid-term future outlook for ONT is uncertain while the long-term can be bullish.
