(Updated July 17, 2021) 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 July 17, 2021)
For the ONT virtual currency, this analyst shows that setups could be very good at around 0.6134 and 0.4781 or 0.4064 with stop loss at 0.3138 and a take profit level of 1.0275, 1.3124, 1.7203, 2.3574 and 2.7157, However, he explains that this is not financial advice.
He has also made a full analysis of the price from 2018 until today going through all the bull and bear markets that took place since then. We also see that there are several resistance and support levels that show which could be good entry and exit places for investors.
As per the expert, we see that ONT is going to sit on the Fibonacci 0.846 level. As shown, users should set a stop loss close to 0.40 USDT and 0.50 USDT. Meanwhile, there is strong support around 0.50 USDT and 0.60 USDT. Furthermore, there could be a strong long term buy around 0.60 USDT and 0.70 USDT levels.
In addition to it, the analyst says that altcoins do not have a dip if Bitcoin breaks below $30,000. However, there could be some possibilities to enter altcoins with a small part of users’ portfolios. This depends on the type of trading strategy they have.
The analyst has shared a medium-term analysis for the ONT/USDT trading pair. He shows that ONT has recently broken downwards from a bearish flag after reaching a top of 3 USDT per ONT and a low of 0.74 USDT per ONT. The bearish target established by the analyst is currently at 0.464 USDT and the bullish target is now standing at around 1.856 USDT per coin.
For the analyst, the charts have created a symmetrical triangle that could have made a decision The current situation in the market is pushing altcoins also towards the trend of major digital assets. This is also something we should closely follow in the coming weeks.
As the analyst shows, it might be possible to go out of the triangle for the ONT/USDT trading pair and stabilize around this region. Then, it might be possible to enter a trade above the goals that are set up on the chart. As we can see there are four take profit levels.
These levels include 1.55 USDT, 2.09 USDT, 2.47 USDT and 2.92 USDT. At the same time, the analyst has also shared a stop loss level for users to have an idea of when the situation could look not so clear. In the 0.81 USDT level we should execute a stop-loss order if we have our position in ONT rather than USDT.
For the ONT/USDT trading pair, the analyst sees the coin reaching the trendline and experiencing some friction with it. It would be definitely important to understand how the crypto market is expected to work in the coming days, weeks or months and take the necessary measures in order to get the most out of the recent correction.
The expert shows that the RSI indicator looks a bit oversold but it has not been yet fully reached. That means that things could still change and we could eventually experience different situations. Indeed, the S-Wave indicator shows that there might be a continuation of the trend that we confirm it has reached the 0.7411 USDT level.
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.