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Cryptocurrency ONT ready to reverse from key support

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Cryptocurrency ONT ready to reverse from key support

Cryptocurrency ONT ready to reverse from key support
CONTENT

  • ONT is trading between $ 0.380 support and $ 0.515 resistance

  • Long-term technical indicators look neutral

  • Price is in wave C stage within A-B-C structure

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Cryptocurrency Ontology (ONT) is approaching an important resistance level that could lead to a reversal of the bearish trend

Technical indicators do not yet confirm a reversal, but signal that the bottom is close

Aligning for support

Cryptocurrency ONT ready to reverse from key support

The ONT price is declining from the $ 1 high reached on August 21. Despite several attempts to rebound, the price was unable to develop a more distinct upward impulse..

On October 17, the cryptocurrency dipped below the 0.618% Fibonacci retracement level of $ 0.51 and has been declining at an accelerated pace since then.

Immediate support is near $ 0.38, where the 0.786% Fibonacci retracement level is located, while the $ 0.51 mark acts as a resistance.

ONT chart from TradingView

Cryptocurrency trader @TheEurosniper tweeted an ONT chart showing that the price is approaching the bottom of the 2018 range. Trader predicts another wave of decline before resuming growth.

Source: Twitter

The bottom of the range is at $ 0.42, which the price lost. Moving below the range will send quotes to the $ 0.38 zone, where a bearish trend reversal may occur, followed by an increase and an initial target of $ 0.51.

ONT chart from TradingView

Cryptocurrency ONT ready to reverse from key support

Technical Indicators

Technical indicators point to excessive oversold but do not foretell a rally yet.

RSI and MACD are in the oversold zone, but none of the indicators are signaling bullish divergence.

Moreover, the Stochastic Oscillator has formed a bearish crossover, which indicates a bearish trend..

ONT chart from TradingView

Short-term technical indicators look somewhat better. RSI and MACD give strong bullish divergence signals, which are more clearly seen in the case of the relative strength index.

Thus, in a short time, quotes may reverse, but after another wave of decline, which will send the coin to the aforementioned support.

ONT chart from TradingView

Wave analysis

Wave analysis suggests that price is completing the A-B-C corrective structure (black in the chart below) after hitting the August 1st high. If so, now the cryptocurrency is in the final, fifth sub-wave (blue) of wave C.

This scenario is linked to an outlook for a return to $ 0.38 followed by a reversal.

Cryptocurrency ONT ready to reverse from key support

ONT chart from TradingView

Conclusion

So, ONT should soon reverse the bearish trend after the formation of the bottom in the area of ​​the important support of $ 0.38.

Disclaimer: Trading cryptocurrencies carries a high level of risk and is not suitable for all investors. The views expressed in this forecast do not reflect

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

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