(Updated August 14, 2022) Originating from China, the Ontology project is a blockchain project helping business harness the power of the distributed ledger technology. The project is a decentralized, high-performance public blockchain and a distributed trust collaboration platform. The ONT currency is a second-generation coin, which helps bridge the gap between blockchain technology and the business sectors.
The recent addition on Crypto.com has boosted the price of on Ontology. Currently, ONT is trading at a price of $0.9 with a market cap of $578 million.
Experts’ Opinion On Why Ontology Price Will Rise
Last year wasn’t great for ONT as its price sunk slowly to end the year at around $0.5. However, 2020 looks promising for this coin. The platform has customized applications features and is user-friendly, thus making it versatile compared to its peers.
The only problem with ONT is that it is a niche platform. If the platform manages to upscale its unique offerings, then the coin should have a brighter future. Additionally, the platform has skilled developers, and partnerships with major firms such as NEO, and these have contributed significantly to the coin’s success. These are one of the main reasons why Ontology price is expected to rise in the near future.
At present, ONT’s market price is a good to buy time for investors. According to price predictions, the coin’s price is expected to hit $3.50 by the end of 2020. The coin once reached $10 in the past. Analysts also state that, based on the past and present trends, the robust eco-system of the platform will slowly inch towards the predicted price in no time.
Other factors influencing Ontology price include;
Partnerships
In less than a month, Ontology has partnered with two firms specializing with AML and KYC conformity.
One is Shufti Pro with which Ontology signed a Memorandum of Understanding (MoU) that will see the two firms join hands in developing digital identity services.
With Ontology being a public blockchain, digital identity is a cornerstone in the success of the blockchain project which is based on trust.
By partnering with Shufti Pro, a leading firm providing verification solutions on a global scale, more companies are bound to trust Ontology. It’s a move that will lead to increased adoption.
While signing the MoU, Victor Fredung, CEO, Shufti Pro, said:
“We have followed their [Ontology] progress with interest for some time, and now is the right time to move forward. Furthermore, we believe that the combined use of new and innovative blockchain technology with cutting-edge ID and identity verification is a powerful combination for global business operations.”
In addition, Ontology seems to be gaining traction beyond this. MIXMarvel, a gaming platform and content community, has signed an agreement with Ontology to bring its “Hyperdragons” game to the ONT network. This news hit the market 2 days ago. This adds to the partnership signed with the Evernym and the Sovrin Foundation to form an East-West digital identity consortium.
Partnership With 4Stop
Ontology has also entered into a collaboration with 4Stop to provide Know-Your-Customer verification on its platform.
With financial regulators concerned about money laundering and terrorist financing, having high-end solutions guarding against these vices is a significant relief not only for regulators but also for those eyeing the Ontology platform.
Increased trust in the platform will lead to increased adoption. It’s something that will drive the price of ONT even higher.
Commenting on the partnership, Ingo Ernst, the CEO of 4Stop said:
“With the ever-evolving adoption of blockchain technology, we are very excited to be part of Ontology’s innovative blockchain project by providing them with further KYC services to verify and authenticate personal data across the globe. Creating a mainstream, standardized, and easily accessible compliant and trusted infrastructure is something we are both passionate about, and we look forward to future developments.”
Ties with China
Andy Ji, Chief Strategy Officer at Ontology, has previously held top positions in the Chinese government. He was once the General Secretary of the Ministry of Industry and Information technology in China.
Its founder, Jun Li has also worked with Financial Futures Exchange in China and Infosys.
With such connections, it’s only safe to assume that the Ontology platform will be viewed favorably in China.
Although China has clearly stated its stand regarding cryptocurrencies, it has taken the lead when it comes to blockchain adoption.
With the growing use cases for the Ontology blockchain, it’s not hard to see the platform gaining mass adoption in China. Consequently, this is likely to push the price of ONT up.
In conclusion, within a year of existence, Ontology (ONT) has, without doubt, manifested its strength as a platform. Partnerships have also helped pushed its price up. And once the AML and KYC solutions are fully implemented, expect its price to rise even higher as more businesses get on board.
Ontology Price in 2020 and 2021
Ontology (ONT) did not have good years in 2020 and 2021. The effects of a bull market cannot be seen in Ontology. This is different from other virtual currencies that have been moving higher in 2021. Bitcoin (BTC) was the cryptocurrency that led the market and other digital assets followed that trend.
The first 10 weeks of 2020 were positive for ONT (slightly positive). However, the Coronavirus market crash pushed the price of this virtual currency to the lowest point since it was released to the market.
When it comes to the rest of 2020, we see that ONT was not able to recover from the market crash. This could be related to investors moving away from ONT to other digital currencies in the market. Nonetheless, 2021 showed that there was still hope for some holders that were accumulating ONT throughout 2019 and 2020.
In May 2021, we see that ONT reached record highs in terms of traded volume. Nonetheless, this was not enough for ONT to recover the price that it had in early 2018 when it was released to the cryptocurrency market. The virtual currency was able to reach a price of $2.65 in May 2021.
ONT then entered a new bear market and an accumulation phase that lasted until today. It would be very important to understand what could happen in 2022 with the price of this virtual currency.
Technical Outlook On The Price Of Ontology (ONT) TradingView (Update August 14, 2022)
ONT/USDT by ebrahimifinance on TradingView.com
ONT is a virtual currency that tried recovering from the recent bear trend but that has experienced some issues to start a new bull trend. As the expert shows, the coin could continue moving downwards in the near future and reach a price per coin of 0.1065 USDT later this year.
Now, ONT is being traded in a support region in which the price must stay above 0.25 USDT. The resistance levels that the analyst has shared with the community include 0.45 USDT and 0.70 USDT. Despite the fact that the market has been very bullish in recent days, ONT seems to have an additional bearish pressure that other digital assets don’t have.
ONT/USDT by ebrahimifinance on TradingView.com
This cryptocurrency trading expert showed that there was a possibility for ONT to continue to move lower. The virtual currency has been, since early 2021, in a downtrend channel that continues until today. The analyst has also drawn in the chart some important support and resistance levels. These levels include 0.25 USDT, 0.45 USDT and 0,70 USDT per coin.
While the expert considers that the coin could continue to move lower towards 0.1065 USDT, the market seems to be moving higher. This can be seen in the price of this virtual currency which is close to 0.28 USDT, right above its last support level. It would be very important to see what will happen with Bitcoin and other virtual currencies in the future, as the whole direction of the market could have a strong impact on ONT.
[ Hammer ]ONTUSDT Hammer pattern, Long ( Mid range trade ) by rockeyrockssandeep1994 on TradingView.com
For the ONT/USDT trading pair, this analyst shows that the virtual currency is being traded in a range between 0.2103 USDT and 0.3349 USDT. This range shows that there is a possibility for the digital currency to move from the current support to the resistance level. For this cryptocurrency, the analyst explained that bulls are taking control once again and that it might be a good time to buy a bag close to 0.2339 USDT.
Furthermore, it would be very important to understand what could happen with Bitcoin and other virtual currencies as this could have a strong influence on the market. Other digital assets, especially Bitcoin, have an impact on other virtual currencies. Let’s follow the trend and see whether ONT is able to move higher toward the resistance level mentioned above.
ONT Long – Combination of level and a trendline by Artem_Dishel on TradingView.com
This virtual currency has been in a similar situation as IOTA. The coin tried to break a strong resistance level at 0.2296 USDT and it was not able to do so. However, the price stayed below this price level and a new bull trend in the crypto market could help ONT recover part of the price that it lost in recent months.
This price level could be very important for ONT if it is able to break it once again in the coming hours. Being above this level would help ONT investors plan their future strategies with this and other digital currencies. That being said, it is very important to follow what could happen with Bitcoin in the next months. The direction of the market is still being decided by BTC, which continues to be traded in a bear trend.
ONT Long – Combination of level and a trendline by Artem_Dishel on TradingView.com
This analyst shows that ONT has been trading in a downtrend for many days now and there has been an important support level that was broken a few days ago. Now, ONT should try to move higher once again and stay above that level. Furthermore, the analyst says that he would enter the market when price squeezes to the level of the 5m timeframe.
It is worth pointing out that Bitcoin and other virtual currencies have been falling in recent days. This is something that has affected the whole market, including ONT. Therefore, following what could happen with Bitcoin and understanding where it is going is definitely important for the future of the market.
Now, ONT could break above the current resistance level in the coming weeks and try to stay above that level. Nonetheless, it is also possible that a new sell-off would push ONT lower.
Fundamental Analysis
Mainnet was released recently, started building NFT platform, wallet upgrades. Seeing a strong traction on new partnerships.
Token economy and Staking – Supply of 1,000 mn ONT and ONG, Near 63% current circulation of ONT . Recently did a buy back from the open market. There are no burning events, fixed supply.
Staking will generate ONG utility token, which is tradable and used for gas fee.
Conclusion
One year after Ontology launched its mainnet through continuous technology development, the project has managed to establish a basic trust collaboration platform. So far, Ontology has managed to achieve the first step of its vision, which is to be ready for all businesses, which is good for the price of ONT moving forward.
Trading just below $1, Ontology presents a lucrative opportunity for any investor who chooses to take advantage of its low price and adds some ONT to their portfolio. Based on the above bullish charts, it’s clear the price of the coin will rise over the coming months. You can follow the below link to buy some ONT on Binance.
Want to learn more about Ontology? You can check this guide that explains everything about the project. This other guide will advise you on the best wallets to store Ontology.
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