$ONT is looking like it is gearing up for a big breakout. It has been consolidating for the past couple of years and has finally cracked the pervious resistance.
It does however look like over the immediate future it might have a slight pullback to see if the previous resistance line is now support. This is primarily because we are trading at the upper end of the trend line and it is unlikely (but not impossible) for ONT to breakout in parabolic fashion. If it bounces off this line that is a great indication that we are about to achieve liftoff. Personally, I am hoping this will happen as it will only give ONT a more stable launchpad for the next upward move.
Other bullish indicators include:
1. The absolutely massive volume increases over all of 2021.
2. The RSI showing that the momentum is moving in a upwards direction
3. The MACD line floating well above the signal line
4. The total lack of resistance over $2.50 and under $8.00
Because of point #4 I am setting my price target to the previous ATH of ~$8.00
Stop will be at the previous level of support/resistance of $1.44 - $1.60
Have fun! Like, comment, and follow!
Not financial advice
It does however look like over the immediate future it might have a slight pullback to see if the previous resistance line is now support. This is primarily because we are trading at the upper end of the trend line and it is unlikely (but not impossible) for ONT to breakout in parabolic fashion. If it bounces off this line that is a great indication that we are about to achieve liftoff. Personally, I am hoping this will happen as it will only give ONT a more stable launchpad for the next upward move.
Other bullish indicators include:
1. The absolutely massive volume increases over all of 2021.
2. The RSI showing that the momentum is moving in a upwards direction
3. The MACD line floating well above the signal line
4. The total lack of resistance over $2.50 and under $8.00
Because of point #4 I am setting my price target to the previous ATH of ~$8.00
Stop will be at the previous level of support/resistance of $1.44 - $1.60
Have fun! Like, comment, and follow!
Not financial advice