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ONT Price Analysis: The bears seems to have sheltered in the market

Cryptocurrency


The token that is compatible with the NEO blockchain- Ontology (ONT) ranks 24 according to the stats of Coinmarketcap. The price of ONT at the press time was $0.899 with a market cap of $522 million and a 24-hour trading volume of $164.34 million. A major amount of ONT was traded by Bibox and MXC via the ONT / USDT pair.

2 Hour Chart

Source: ONT / USDT TradingView

The short term chart exhibited a downtrend extending from $1.1745 to $0.9183 and an uptrend extending from $0.6206 to $0.8049. The resistance was at $0.9325 and support was at $0.8136.

The Bollinger Bands after a divergence, are now beginning to converge indicating an increase in the volatility of the coins.

Chaikin Money Flow: The CMF line was just under the zero line suggesting that the outflow of the capital was slightly more than the inflow placing the coin in the bearish market.

Awesome Oscillator showed that the coin was starting to go green with a light momentum indicating the presence of the coin in the bullish market.

1 Hour Chart

Source: ONT / USDT TradingView

The long term chart exhibited an uptrend extending from $0.5604 to $0.7811 and a downtrend extending from $1.8448 to $1.1803. The resistance was at $1.0643 and the support was held at $0.8079.

Parabolic SAR: The dotted line seemed to be going down indicating that the coin is in the bearish market.

The MACD line was traveling slightly below the signal line after a trend reversal proofing that the coin was under a bearish trend.

Relative Strength Index: The RSI line was swaying over the 60-line suggesting that the buyers were quite active placing the coin in the bullish market.

Conclusion

The coin (at the press time) was under a bearish influence but since the volatility of the coins was increasing, a bullish move can be predicted.

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