- Ontology Gas price broke above a descending parallel channel pattern, suggesting a bullish move ahead.
- RSI and AO indicators form bullish divergences in the daily chart, signaling a potential trend reversal.
- A daily candlestick close below $0.240 would invalidate the bullish thesis.
Ontology Gas (ONG) price broke out above a descending parallel channel pattern, indicating a potential bullish momentum ahead. The bullish divergence observed on the Relative Strength Index (RSI) and the Awesome Oscillator (AO) indicators further suggests a likely reversal and upward trajectory for ONG in the days ahead.
Ontology Gas price sets for a rally
Ontology Gas price broke above the descending parallel channel pattern on Saturday and rallied 9.5% over the next three days. At the time of writing, ONG trades 1% up to $0.342 on Wednesday.
Additionally, the formation of a lower low on the daily chart on July 5 contrasts with the Relative Strength Index (RSI) indicator’s higher high during the same period. This development is termed a bullish divergence and often leads to the reversal of the trend or a short-term rally.
If the upper trendline of the descending parallel channel pattern holds as throwback support at around $0.299, ONG could rally 33% from that level, targeting its daily high of $0.400 from June 21.
Moreover, if ONG closes above $0.400, it could extend an additional rally of 11% to revisit its daily resistance at $0.443.
ONG/USDT daily chart
Despite the bullish outlook pictured by technical analysis, if Ontology Gas price posts a daily candlestick close below $0.240, it will form a lower low. This scenario would signal a bearish outlook, possibly leading to a price fall of around 10% to the next daily support level of $0.216.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin price steady above $65,000 as Hermetica launches BTC-backed USDH on layer 1
Bitcoin trades slightly up at the time of writing on Wednesday, rising by 0.14% at $65,158 after closing above the daily resistance level of $64,913 the day before. On-chain data indicates that BTC is undervalued, and US spot Bitcoin ETFs recorded inflows totaling $422.50 million on Tuesday.
Bitcoin rally catalyzes gains in Ethereum, Solana, and XRP, as traders digest Donald Trump incident
Crypto market capitalization increased nearly 4% in the last 24 hours and climbed to $2.522 trillion on Wednesday, as seen on CoinGecko. Almost all cryptocurrencies ranked in the top 10 assets by market capitalization have rallied in that period.
Ontology Gas sets for a rally as technicals show bullish divergences
Ontology Gas price broke out above a descending parallel channel pattern, indicating a potential bullish momentum ahead. The bullish divergence observed on the RSI and the Awesome Oscillator indicators further suggests a likely reversal and upward trajectory for ONG in the days ahead.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin surpasses $65,000 mark
Bitcoin (BTC) closes above the daily resistance level of $64,900, with Ethereum (ETH) and Ripple (XRP) subsequently breaking through their resistance levels, indicating an emerging bullish trend.
Bitcoin: Investors wonder if BTC troubles are behind
Bitcoin (BTC) stabilized around the $57,000 mark this week, while the German Government persists in transferring Bitcoin to exchanges. Concurrently, US spot Bitcoin ETFs have recorded inflows.