Hey guys, this is my first time doing a chart on ONT. I actually decided to buy into this coin using some NANO profits and redistributing a bit. I ended up staking, because I heard the rewards are great for your first year. I also thought it would be a good thing to hold some along with NEO. The reason I bought it goes beyond staking rewards though. This is a risk, I'll admit, but I think we're seeing accumulation. Someone could have argued that we were seeing accumulation after the August dump, but if you take a look at the volume profiles (circled), you'll see that they're very different. Not only are we experiencing very decent volume this time around, but we're actually slowly moving UP in value rather than slowly moving DOWN. However, we're currently capped by the triangle resistance. It's currently close to 1800.
I just wanted to post this chart for personal reference. Potential bullish targets are in green X's. I'm not touching this for a while though. Now is the time when I walk away and wait for my investments to eventually bring me a return. Time will tell if I made the right decision. The whole space is risky, so this is not financial advice. Projects like NEO and ONT could very well go to zero. But...crypto does have a habit of coming back. Only risk what you're willing to lose though.
Potential trade setup (although this is going to be a long hold for me):
BUY if we break out of the triangle (currently around 1800, minus a little).
SELL:
2200
3200
Again, not financial advice. I could be wrong and this could break down, which is why I included a possible short setup as well. If we do break down here, we do have another potential rising support in the 1595-1600 area. It's very close now. If that support breaks, this was likely a big bear flag. Trade safe!
SHORT setup: Below 1590, target 1400.
-Victor Cobra
BY THE WAY, if anyone is interested in staking ONT, make SURE you withdraw some ONG, as you can't claim ONG without having ONG in the first place. It's quite convoluted, and I had to request on an O3 community thread to have a small amount of ONG sent to my address. Thankfully, they do have an active thread where they're sending free ONG to people who get stuck.
I just wanted to post this chart for personal reference. Potential bullish targets are in green X's. I'm not touching this for a while though. Now is the time when I walk away and wait for my investments to eventually bring me a return. Time will tell if I made the right decision. The whole space is risky, so this is not financial advice. Projects like NEO and ONT could very well go to zero. But...crypto does have a habit of coming back. Only risk what you're willing to lose though.
Potential trade setup (although this is going to be a long hold for me):
BUY if we break out of the triangle (currently around 1800, minus a little).
SELL:
2200
3200
Again, not financial advice. I could be wrong and this could break down, which is why I included a possible short setup as well. If we do break down here, we do have another potential rising support in the 1595-1600 area. It's very close now. If that support breaks, this was likely a big bear flag. Trade safe!
SHORT setup: Below 1590, target 1400.
-Victor Cobra
BY THE WAY, if anyone is interested in staking ONT, make SURE you withdraw some ONG, as you can't claim ONG without having ONG in the first place. It's quite convoluted, and I had to request on an O3 community thread to have a small amount of ONG sent to my address. Thankfully, they do have an active thread where they're sending free ONG to people who get stuck.
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Looks like we’ve managed to get back above the uptrend line. A bunch of people were probably stopped out on this move. If we hold above, maybe we can have our breakout soon.
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If we close above here we should be good for a move up.
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We've now made it down to the second support area. If Bitcoin decides to bounce here, we should be good for a move up. Otherwise, we'll head down to 1400.
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Currently trying to hold the line.
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We should be good for a move up now, as long as Bitcoin doesn’t drop much.
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Well, Bitcoin failed to hold, so we’ve dropped below support. I’d wait for a sustained bounce to buy, or a break back above support.
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So we’ve headed down below 1500 as expected, but we’ve made a decent bounce so far. We really need to see what happens with Bitcoin before confirming any bullish potential here. It’s a good sign that we haven’t made a new low yet, however.
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Seems like accumulation is continuing for ONT. We've had some big buys coming in over the last couple of days, as you can see with the long wicks. The trend seems to be up, even though we keep getting rejected at resistance.
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Very bullish that we bounced off the previously broken resistance (purple). If Bitcoin continues to move up from here (consolidating nicely so far), we should target near 2100 (green X)
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I just want to mention that usually at the end of an accumulation zone, the price drops below the perceived support of the consolidation. This is a final shakeout move before the true breakout, as the big players have accumulated enough of the supply from the "weak hands." This means that resistance will be less strong on the next push up. Let's see if we can make a nice 25% move up from here.
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And there you have it.
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We are now back above the uptrend line AND have broken the triangle resistance. This is a really strong move. And as you can see, it happened after we "broke" support. We're now higher than we were in the accumulation phase.
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Well, we’ve blasted past my first target of 2200 and are currently holding above the previous support. This is a very good sign. If I were day trading this, I would have sold some above 2300 today. However, we just broke a MAJOR resistance level on heavy volume, so it’s also possible this just continues up towards my second target around 3200. I feel like we need a pullback before that happens, possibly to 1900, but this is crypto, so anything can happen. This is a long term hold for me, and I’m comfortable with my entry point.
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Looks like we may indeed be headed higher. We haven’t had much of a pullback yet and seem to be consolidating in a bull flag. As it did during its last bull run, ONT may move up pretty quickly, now that some of the biggest resistances have been taken out.
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We headed a bit higher but got rejected pretty hard close to 2500. That would have been a good area to take profit. We might see a bigger retrace now below 2200, but if the market continues to look bullish, we could go much higher eventually.
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Still showing strength, actually. Perhaps the lack of selling pressure has to do with people buying ONT to stake, which takes supply off the market. This is what I think is fundamentally behind this recent nearly 100% move in USD value. I’m one of those people that can’t sell, so I’ll just watch this go from the sidelines :)
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Just keeps going up, but we’re entering a major resistance area (previous support before the November breakdown). If you’re day trading, might be a good idea to ladder some sells between here and 3200. Or if we start to correct now you could also sell some once it starts to look like a bigger pullback. However, this is crypto, and ONT has a history of going parabolic for weeks. This is the time when holding has its advantages for the long term.
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