Ontology Price Prediction: ONT awaits a 50% move as it nears the end of consolidation

Ontology price is traversing a symmetrical triangle pattern, hinting at a 50% swing in either direction.
The price squeeze as ONT approaches the setup’s apex forecasts a volatile breakout.
Transactional data reveals that an upward move will face more resistance relative to a downswing.

Ontology price has been consolidating almost a month inside a technical pattern that predicts a 50% move in either direction.

Ontology price poised for a big move

Ontology price action over the last 30 days reveals aggressive moves from both the buyers and sellers. As a result, ONT has formed lower highs and higher lows, typical in a symmetrical triangle pattern.

As the trendlines converge, ONT price gets squeezed until it breaks out. Since both the camps want to take control of the asset, the breakout direction isn’t fixed. However, the setup forecasts a 50% move, which is the distance between the swing high and swing low at the broadest part of the triangle.

The sell signal flashed by the SuperTrend indicator on March 11 suggests a bearish bias. So, a sudden spike in selling pressure that results in a 4-hour candlestick close below $1.02, will trigger a 50% downswing to $0.50.

ONT/USDT 4-hour chart

Adding credence to the bearish outlook is the lack of a stable support barrier as portrayed by the IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model.

Ontology IOMAP chart

Instead, this on-chain metric shows a massive supply barrier around $1.06, making the idea of a bullish breakout unlikely. Regardless of the overhead barriers, a decisive close above the symmetrical triangle’s upper trendline at $1.18 will invalidate the bearish thesis for Ontology price and kickstart a 50% upswing to $1.69.

Share: Cryptos feed

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.