Ontology (ONG) has been trending upwards recently, unlike most of the other coins which have been going downwards. The Cryptocurrency ONG just went up +500% in a week by breaking a Rising wedge pattern with strong buying volume and surges over +800% in 30 days.
What is Ontology?
Ontology is a high-performance, open-source blockchain specializing in digital identity and data. Ontology’s infrastructure supports robust cross-chain collaboration and Layer 2 scalability, offering businesses the flexibility to design a blockchain that suits their needs. Ontology adopts a dual-token model, with both ONT and ONG as utility tokens. Ontology decouples ONT and ONG to alleviate the risk of turbulent fluctuations of the native “asset” value on the gas fee.
ONG Price Analysis
At the time of writing, ONG is ranked 126th cryptocurrency globally and the current price is $1.80 AUD. This is a +500% increase since 15th May 2021 (7 days ago) as shown in the chart below.
After looking at the above 1-day candle chart, we can clearly see that ONG broke out from the rising wedge pattern on the ONG/USDT pair. The first resistance was on the $1.10 AUD price levels which ONG broke with a strong bullish trend & buying volume and is now heading towards the next resistance. ONG could continue the uptrend whereas many other altcoins are bearish this week due to Bitcoin’s recent crash.
“A rising wedge is a technical indicator, suggesting a reversal pattern frequently seen in bear markets. This pattern shows up in charts when the price moves upward with pivot highs and lows converging toward a single point known as the apex. […] This pattern has a familiar look to a bear flag.” – Larry Swing on Investopedia [source]
What do the Technical Indicators say?
The ONG TradingView indicators (on the 1-day window) mainly indicate ONG as a buy, except the Oscillators which indicate ONG as a sell.
Why did ONG Breakout?
General market sentiment seems to suggest cryptos are in the middle of the bull run season, which could have contributed to the recent breakout. Another reason for this sudden pump in price could be whales secretly buying ONG for the next Altcoins rally. It could also have contributed to some of the recent news from Ontology introducing $ONT staking with >90% APY.
While ONT is the network’s “primary token,” ONG is used for on-chain services like transactions or paying for the deployment of smart contracts.
ONG tokens are also released to ONT token holders in amounts relative to their holding ratio to encourage ONT staking.
Where to Buy or Trade ONG?
Ontology ONG has high liquidity on Binance exchange so that would help for trading ONG/BTC or ONG/USDT pairs. However, if you’re just looking at buying some quick and HODLing then Swyftx exchange is a popular choice in Australia.
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