(Updated October 11, 2020) 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.
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;
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.
Technical Outlook On The Price Of Ontology (ONT) TradingView (Update October 11, 2020)
Things do not look good for ONT/USDT in the near future. Indeed, the virtual currency could be moving towards 0.5169 in the near future. However, the analyst icryptoclub considers that it may be possible for this virtual currency to bottom there and continue a longer-trend bull run.
If that happens and ONT finally bottoms close to the 0.5169 USDT level, then we could see the virtual currency moving higher and testing its previous local high close to 0.94 USDT per ONT. Of course, the general trend of the cryptocurrency market is expected to have an impact on the price of this digital asset.
Ontology is showing a bullish sentiment for the ONT/USDT trading pair. The virtual currency was able to move away from a downtrend that started in mid September. The analyst shows that ONT is moving towards the next resistance level, that previously acted as support, close to 0.7248 USDT per ONT.
It is worth taking into consideration that the first target signalled by the analyst is standing at 0.7250 and it requires users to trade with a stoploss. This shows ONT could continue moving higher in the future or even experience a break out considering volume has been decreasing in the last two weeks.
Analysts see the ONT/USDT trading pair moving higher in the coming months. The main targets include 1.90 USDT per ONT or almost 4 USDT per ONT. This will be according to five clear waves in terms of Elliott which is showing that ONT is currently entering the third wave upwards.
The analyst considers that it could be a good moment to bay around 0.55 USDT, 0.65 USDT and 0.7 USDT. Furthermore, he suggested that ONT is growing exactly on time as the Decentralized Finance (DeFi) market is exploding with new services solutions and tokens that register massive gains in just a few days.
ONT continues to be below the high registered in 2020 before the COVID 19 crisis. However, we see that there is an upward trend that has been accelerating in recent weeks and that allowed the virtual currency to briefly touch the 1 USDT price target.
The ONT/USDT digital currency seems to be in this mid-term bull trend that started with the COVID-19 correction in the financial markets. The trader considers that there are two main targets, 0.98 USDT per ONT and 1.07 USDT per ONT. The first one of these targets has already been tested and the second one should be the next natural move for ONT.
The analyst for ONT/USDT sees the digital currency moving towards the main target of 0.9502 if ONT is definitely able to break above 0.86 USDT in the coming days. This would push the digital currency 10% upwards and allow traders to get a nice profit on their positions.
The second target that the analyst sees is 1 USDT and the third one 1.05 USDT. According to the trader, this level is related to the supply zone. Thus, here we could see traders selling larger amounts of ONT and pushing the price lower. Currently, ONT is being traded close to 0.828.
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.
Overall, in the opinion of the analyst, ONTBTC has breached a key level; a retest is highly probable to confirm an S/R flip – allowing for a pullback entry.
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.