Ontology is now ranked amongst the top 10 altcoins of the market as per LunarCRUSH’s recent real-time ranking due to spike in social activity powered by increasing price and trading volume. Ontology’s intraday momentum has led to hitting the 10-day resistance at $0.624 just around the press time, while pulled back slightly and currently trades at $0.611.
— Ontology (@OntologyNetwork) July 6, 2020
The spike in the trading price of alts like Verge, VeChain, Ontology, DigiByte has gained enough social media presence due to a recent price hike. These and many other altcoins have proved the fact that altcoins do not necessarily have a concurrent momentum to that of Bitcoin. Instead, altcoins that have gained enough momentum this season have lured a massive number of networkers as well.
Just as Ontology and other altcoins are gaining an edge in the market, Binance has recently announced that it will now support the upcoming ONT network upgrade. Binance, having recognized the opportunity of the growing Ontology network, is now supported by the best global exchange.
— Binance (@binance) July 5, 2020
Additionally, it was just towards the end of the previous month when Ontology Mainnet celebrated its 2nd anniversary. Moreover, just when ONT celebrated its two years of Mainnet, alongside, it launched a brand-new version of ONTO, which is basically Ontology’s self-sovereign data wallet. This wallet will help the networkers to manage the value of their data, followed by an upgraded version of ONT ID. This will align the number of community-led upgrades to ONT’S Mainnet.
Ontology Price Analysis
On the hourly chart, Ontology has retained complete support from 50-day and 200-day daily MA as the coin retests 10-day resistance at $0.624. Over the past few days, the ONT coin was seen trading sideways and held strong support at $0.540, which is tested once to dip as low as $0.533 momentarily.
However, if we emphasize the half-hourly chart, we see that Ontology’s intraday momentum is utterly stupefying, and it was just around the press time when the coin had reclaimed 10-day resistance. It was since yesterday that ONT coin was seen breaching the flat curve with which the ongoing started. Moreover, the 20-day Bollinger Bands laid are not holding any extremities, which means that we can consider the current hike to be real and hypothetical.
The technical front from the recent price action is supporting the Ontology network as the coin retains support on the half-hourly chart as well. However, when we emphasize the intraday movement, the MACD of ONT is holding a bearish divergence due to pull back from the recent 10-day high. While the RSI is lying at 55.91 with no trading extremities seen at present.