Ontology (ONT) has its price chart highlighting a bearish trend. Sellers appear to dominate, leading the downside below a dynamic resistance trend-line. Meanwhile, the alt seem vulnerable to extended downswings unless the descending trend-line holds. However, Ontology bulls are retesting the resistance at $0.455, hoping for a bullish break.
The Past Trend
ONT bulls attempted to defend $0.556 2021 July bottom support during January’s second week. Nevertheless, the latest panic selling within the crypto world saw the altcoin plummeting towards the yearly support at $0.4.
Bulls stepped up immediately, and Ontology rebounded towards the nearest resistance around $0.55. The v-shaped recovery had ONT gaining 40% within the past two weeks.
Descending Trend-line Impends 28% Drop for ONT
For now, ONT/USDT encounters resistance from the descending trend-line at $0.55 and 20-day Exponential Moving Average. This trend-line has assisted bearishness since 2021 mid-December. That way, the crypto might lose 28% to explore levels of $0.4 with intensified selling strength around the $0.55 zone.
Meanwhile, bulls overcoming the overhead hurdle might see ONT surging towards $0.8. While publishing this content, Ontology changed hands around $0.55, following an 11.64% intraday gain. Furthermore, the daily volume change stands at $225.7 million, reflecting a 543.5% drop. For now, ONT ranks at 129 after its market capitalization gained 14.86% to $486.9 million (Coinmarketcap data).
Technical Indicator
The ONT technical price chart shows a bearish alignment by the critical moving averages (20-, 50-, 100-, and 200). These MAs may serve as resistances amid bullish comebacks. Meanwhile, the Moving Average Convergence Divergence (MACD) presents a bullish cross with the signal line, displaying a buy signal. Moreover, the histogram chart highlights incoming green bars, showing bulls gaining momentum.
Nevertheless, the broad market has been green since yesterday. Bitcoin hit weekly highs after rising past the $41K mark. While publishing this post, BTC traded at $41,629. The crypto market rally emerged after Wall Street opened with upticks for Amazon stocks. Also, the NASDAQ index fueled the upside narrative in the crypto industry with its 2% uptick.
ONT Vital Levels
- Resistance zones – $0.56, $0.65.
- Support zones – $0.5, $4.
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