Ontology Price Prediction: ONT poised for a 40% lift-off

Ontology price has seen a 45% upswing since February 28 but faces stiff resistance at $1.11.
A 5% correction to $1.06 might be possible here.
Transactional data shows a combination of stable support with near-zero resistance ahead for ONT.

Ontology price rally might undergo correction as it bouts with a critical supply barrier. Regardless, the ONT bulls seem ready to push the altcoin’s market value higher.

Ontology price ready for another leg-up

Ontology price has been recovering the losses after a brutal 51% drop between February 21 and 28. At the time of writing, ONT stands to surge another 45%. However, this is possible if the resistance posed by the 61.8% Fibonacci retracement level at $1.1 is breached.

A decisive daily candlestick close above this barrier suggests that a 45% run-up to $1.60 is possible.

ONT/USDT 1-day chart

Adding credence to this bullish outlook is the IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model, which shows a stable support barrier at $1.06. Here roughly 900 addresses hold about 160 million ONT. Hence, any short-term selling pressure will be absorbed by the investors in this zone.

More so, IOMAP cohorts reveal that there is little to no resistance ahead for Ontology price. The only supply barrier that ONT bulls will face ranges from $1.13 to $1.16, where 830 addresses hold nearly 75 million ONT.

Therefore, clearing the $1.16 level will provide ONT clear skies to surge 40% to the next key resistance barrier at $1.60.

Ontology IOMAP chart

Although unlikely, rejection at $1.16 could push Ontology price back to $1.11. A breakdown of the demand barrier at $1.06 could be fatal for ONT bulls as this could trigger a selling frenzy from underwater investors who could tank the coin to $0.82.

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.