https://ift.tt/0Fbaqs5 Price Analysis: ONT Price Challenges Key Resistance; Are You Buying This?

The Ontology (ONT) price chart indicates an overall bearish trend. The sellers are currently leading the down rally under a dynamic resistance trendline. Until the descending trendline is intact, the QNT price poses a threat to continue its downtrend. However, the bulls are currently retesting $0.455 resistance with the hope of bullish breakout.

Source-Tradingview

The Past Performance Or Trend

During the second week of January, the ONT bulls were trying to defend the July 2021 low support of $0.556. However, the recent panic selling in the crypto market plunged the coin price to yearly support of $0.4.

The bulls immediately stepped in and rebounded the alt to immediate resistance of $0.55. This V-shaped price recovery gained around 40% in the last two weeks.

Descending Trendline Threatens 28% Free-fall In ONT Price 

The ONT/USDT pair is currently facing a combined resistance of $0.55, descending trendline, and 20-say EMA. This trendline started in early-mid-December 2021, has greatly assisted bearish to sell on rails. Therefore, If sellers exerted intense selling pressure at the $0.55 mark, the coin price is likely to slide 28% to $0.4.

However, in case the bulls manage to pierce the overhead resistance, the crypto traders can expect a rally to the $0.8

By the press time, the current price of the ONT coin is trading at $0.55, with an intraday gain of 11.64%. Moreover, the 24hr volume change is $225.7 Million, indicating a 543.5% loss. According to coinmarketcap, the coin stands at #129 rank with its current market cap of $486.9 Million(+14.86%).

Technical indicator

The ONT/USDT technical chart indicates a bearish sequence among the crucial MAs(20, 50, 100, and 200). These MA lines would act as a valid resistance level during bullish pullback.

The Moving average convergence divergence shows bullish crossover among the MACD and signal line, suggesting a buy signal. Moreover, the histogram chart displays rising green bars indicating the bulls are picking up momentum.                                                                                                                                                                                                                                                                

• Resistance levels- $0.56 and $0.65
• Support levels- $0.5 and $4