BINANCE:ONTUSD Ontology / US Dollar (calculated by TradingView)
Looking at our higher timeframe we see ONT remains in a downtrend since our ATH in 2018, however, the potential for this coin is personally one of my favorites. Looking at a naked chart we see the price has bottomed out around our $0. 40 zone since then has gradually been heading towards the upside. showing momentum is in favor of the bulls even though this week's candle is in the red.
Weekly (zoomed in)
Sticking to our higher timeframe we see price is looking to break out the previous high of $0.97, a close above this level indicates our downtrend is over. This week we saw a push towards $1.10, and the price is now hovering our previous resistance of $0.88, however, it fell as low as $0.80.
Shifting over to our pattern timeframe we see price actually did break and close above our previous high of $0.97. We should be seeing a retest of this resistance now as support, which is currently what price is doing. ONT is currently showing momentum remains in favor of the bears and we could be seeing price continue falling towards our dynamic support at $0.75. A daily close below $0.88 indicates we will continue towards the downside, rejection from this level indicates otherwise.
Finally looking at our trigger timeframe we see the price a huge rejection from our most recent sell off to $0.80, showing momentum remains in favor of the bears however price showing otherwise. Our trigger timeframe also shows a lower high rejection from our previous resistance of $0.98 and we should expect the price to hang out around this level before making a parabolic move towards the upside. A 4hour close above $0.8875 indicates we will continue towards the upside, rejection from this level and expect our dynamic support at $0.75 to be tested.