$1.00 On The Horizon For Ontology (ONT/USD)
Is it time to load up on Ontology for the long haul? Simply put, no. But, it may be a good time to catch a short-term trade.
Ontology (ONT) is a fledgling cryptocurrency that is gaining more and more attention from active traders. A self-described “blockchain for self-sovereign ID and data,” Ontology is a growing crypto company with lofty aspirations. At its core, ONT specializes in the provision of a unique blockchain infrastructure. Key features are cross-chain collaboration options and Layer 2 scalability. Given these attributes, businesses have the flexibility to design a custom blockchain built for their specific needs.
Of course, the future of Ontology remains highly speculative. Like all other cryptos, regulation, taxation, and public interest are primary market drivers. But, ONT offers a specialized service suite that may prove inherently valuable to the business community. Over the past 12-months, the growth of ONT has been solid, as values have doubled from $0.50 to $1.00. The 52-week high was $2.94; prices are now in bearish territory and closing in on $1.00.
The million-dollar question is this: is it time to load up on Ontology for the long haul? Simply put, no. But, it may be a good time to catch a short-term trade.
$1.00 In View For Ontology
If you toggle the interactive chart below to a daily setting, then the value area around $1.00 becomes apparent. Now, it looks like another test of this level is likely to occur in the near future.
Bottom Line: The past several weekends have been bearish for cryptocurrencies and Ontology. Should the coming few days continue this pattern, the $1.00 area may come into play. Until elected, I’ll have buy orders in the queue from $1.01. With an initial stop loss at $0.89, this trade produces $0.12 (12%) on a bullish bounce from the $1.00 psyche level.
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