(Updated January 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 January 17, 2021)
For ONT, the analyst is showing that the virtual currency could eventually break from multi-year bear trends. The ONT/USDT trading pair is still not clear regarding the direction of this virtual currency. Nevertheless, 2021 is going to be a year of definitions.
This can be seen in the chart shared by the analyst. The virtual currency jas been in different trading channels and in a symmetrical triangle that started in early 2020 with the COVID-19 crisis. Things can change in the future according to the evolution of the market. Nevertheless, ONT remains far from its all-time high registered in 2018.
The ONT/USDT trading pair is currently being traded in a very close price range between $0.466 and $0.4624. In the last few days, ONT has been traded in these price levels. The analyst believes that 2021 could be very positive for this virtual currency that could eventually reach a price per coin of $0.8389.
This would push ONT to a resistance level that could be very important for it to reach new all-time highs. It is just a matter of time to understand whether ONT is able or not to experience this movement in the coming days or weeks.
Despite falling to the 50th position in the market, Ontology is a great cryptocurrency for traders. According to the chart shared by the analyst, we have encountered support at the region close to 0.4793. We can see this as a support level taking into consideration the volume profile and also the places where in the past ONT experienced resistance and support.
Now, the digital currency is moving higher and it is being traded close to 0.5568. Nonetheless, it still has to continue growing if it wants to surpass the local high registered in November this year when it reached 0.74 USDT per coin.
ONT is currently ranging between $0.50 and $1.00 for some months now. However, this is a good moment because it is sitting on support levels on the 2 and 4 hourly charts. Moreover, it shows it is taking off from the support zone of $0.50. This could be the beginning of a new cycle, according to the analyst.
In addition to it, since this coincides with the current bullish market, it may be a great opportunity to purchase ONT before retail investors start entering the market and push the price higher. The first target is at 1 USDT followed by 1.20 USDT, 1.50 USDT and 1.95 USDT.
The analyst shows that ONT may have bottomed out back in early November. From that moment and until now, ONT has been following an upward trend that accelerated in the last few days. This allowed the virtual currency to reach a price per coin of 0.591 USDT a few hours ago.
In addition to it, the trader believes that ONT is starting to create higher lows and probable higher highs. This can also be accompanied by the testing of the 0.4920 resistance line that now became support.
Finally, the EMA 5 has overtaken the EMA 10 which could indicate a good signal to long. His take profit level is currently at 0.5410.
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.