is one of the few major altcoins to actually NOT venture to new lows on the ratio since the "altpocalypse." On this chart, you can see that it is currently back above its slow rising support (pink). I bought originally at $0.60, and it has so far outperformed Bitcoin
by a small margin. The same can't be said for many altcoins. Unfortunately, ONT
is still held in check by other broken rising supports (light blue trendlines
) and has a lot of overhead resistance. A lot of altcoins seem to be close to ending what could be ABC
corrections since their massive dumps against Bitcoin
, so I'm interested to see what happens with altcoins here as Bitcoin
prepares for its next big move (up or down). Something else to note is that ONG is on the rise a bit today, which could indicate an upcoming ONT
run. On the downside, if we slide below the pink uptrend again, things won't be looking good for ONT
If we look at the USD chart, things look very good. We're well above our rising support, so we have a lot of room to fall, should the market experience a correction here. We're also on the verge of breaking above the neckline of a potential enormous cup and handle
pattern at $1.68 that could send us skyrocketing towards the $2.80-$3.00 resistance.
My speculation that ONT
was undergoing accumulation in the $0.50-0.60 range was correct before, and I timed the breakout on its Bitcoin
ratio pretty well. Previous Ontology analyses are linked below.
This is not financial advice. Just a coin I've been observing for a while, since I bought low and want to see if it can remain looking bullish
. This is for personal and speculative purposes only.