$ONT seems to have completed its 5th wave of Elliot and is now entering an ABC correction as shown in the 4 hour chart. Fibonacci levels were corrected, having the 1st and 5th wave smaller and the 3rd wave bigger and more profitable.
However, at the end of June we will have the ONT mainnet and the Holders to distribute a new token in 1: 1. This news may raise the price of ONT in the coming days and the ABC correction to be discarded.
If there is no problem, as the price of the $BTC goes into a strong correction, we can see the price of ONT go to the moon !!. However, let us be patient and we will wait for the end of the ABC correction and indication of the return of the trend of discharge.
The technical indicators are showing some divergence regarding the ABC correction.
RSI played at level 5 and is bullish. However, its last peak was not larger than the previous one (yellow circles), which suggests the beginning of the correction ABC.
Stochastic Oscilator has not reached the oversold zone and indicates possible high.
The Bollinger Bands are closing down which gives us two possibilities: correction or entry into a consolidation zone.
Let's see what awaits us in the coming days.
Gratitude
However, at the end of June we will have the ONT mainnet and the Holders to distribute a new token in 1: 1. This news may raise the price of ONT in the coming days and the ABC correction to be discarded.
If there is no problem, as the price of the $BTC goes into a strong correction, we can see the price of ONT go to the moon !!. However, let us be patient and we will wait for the end of the ABC correction and indication of the return of the trend of discharge.
The technical indicators are showing some divergence regarding the ABC correction.
RSI played at level 5 and is bullish. However, its last peak was not larger than the previous one (yellow circles), which suggests the beginning of the correction ABC.
Stochastic Oscilator has not reached the oversold zone and indicates possible high.
The Bollinger Bands are closing down which gives us two possibilities: correction or entry into a consolidation zone.
Let's see what awaits us in the coming days.
Gratitude
From a technical point of view, BTC was on a high channel not very upward. It came testing the resistance line at 7600, unable to break, until it dropped to test the 7200 support line in recent days. In fact, a consolidation zone was created and the more the resistance was tested and not broken, the stronger it stayed. Soon, the support was weaker and was easily broken. The breakdown of the support showed some signs: on the daily chart the RSI is below 50 and the trading volume is very low. Result: fall with the first bad news!
#ONT, as we had expected to finish the correction C wave, but we can still go lower because the RSI has not yet entered the oversold zone on the 4-hour chart and the daily chart still has plenty of room to fall.
We had strong support between 0.001040 and 0.001060 sats we could have holding as well observed by @Andrei1996, but the fall of BTC is leading us to rule out a possible high for the next few days, even with the #ONT mainnet coming up.
We have strong support in 0.000805 sats.
Let's keep an eye!