At the time of writing, ONT is trading at the price of 9140 satoshis, with a market cap of 973 millions. The coin has seen a fall of 12.74% in the past day, but mainly because of Bitcoin sell off.
In the , we see a formation of a pattern. It occurs when there is a price wave down, followed by a stabilizing period, followed by a rally of approximately equal size to the prior decline. This creates a U-shape, or cup. The price then moves sideways or drifts downward within a channel. This forms the handle.
Now ONT is founding support in the red line, together woth the 61.8 retracement level.
A conservative buy would be at the 9000 - 9100 range, in the 61% Fib level zone.
If Bitcoin fails to hold the current price levels at $6400-$6600, we can expect ONT to lose this Fib level as well and a dip to the red line and the 78% Fib level is likely. Just below the 78% level, ONT has 7233 sat as the previous low, together with the blue line.
This idea can be invalidated, however, if Bitcoin loses the $6400 support and dips below that price.