(Updated May 21, 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.
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.
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 May 21, 2022)
This analyst is making a long-term analysis of this virtual currency where he shows that the digital asset has been in a bear trend that started in mid-2021. The cryptocurrency has also reached very important price levels in 2022 that we should pay very close attention to.
For example, in 2022, ONT tried breaking through 0.65 USDT, a very important resistance level that was before considered support. Now, the coin fell to 0.50 USDT where it found support. Despite that, the coin continued moving lower and it reached the most important support level at 0.269 USDT.
Now, ONT is being traded below that level. That means that it would be necessary for this virtual currency to break this resistance level and start moving higher in order for it to continue expanding in the coming months and years.
This cryptocurrency expert shows that ONT has been in a very strong position in recent days. Despite the bearish trend that he described in the chart, there is a very strong support level that is helping ONT remain afloat. This support level is currently located between 0.44 USDT and 0.32 USDT.
Now, the analyst believes that it might be possible for ONT to start a new bull trend in the near future. However, this might not happen. He sees the coin breaking through the descending triangle that has been formed and moving toward 3.5 USDT. Now, it would be very important for the whole cryptocurrency market to follow the trend and move higher. Otherwise, it would be very difficult for ONT to start a new bull trend by itself in the next few weeks.
This cryptocurrency ONT/USDT analyst shows that the virtual currency has been moving higher in recent weeks despite the recent downward pressure that we have seen on Bitcoin. This virtual currency has reacted positively to the 0.52 USDT support level and it has tried to break through the resistance level at 0.59 USDT per coin.
Now, the analyst shows that after the recent bounce from the support level, we could see the virtual currency reaching two important price levels: 0.685 USDT and 0.80 USDT. For this expert, these are very important price points for ONT, as they could allow investors to take profit from there.
Additionally, he says that it is important to observe capital management and use a stop loss when trading. Bitcoin could also play an important role in the future of this virtual currency.
ONT has also been experiencing volatility in recent weeks. We have seen the coin moving from 0.466 USDT to 0.70 USDT and back again to 0.52 USDT per coin. There are some important support and resistance levels that are worth taking into consideration and that have been shared by this analyst.
These levels include 0.53 USDT, 0.59 USDT, 0.68 USDT and 0.79 UDST. These last two levels are the take profit levels that the analyst is now paying close attention to. However, we should also pay close attention to whether ONT moves down or higher. This is expected to be highly correlated to Bitcoin and how this virtual currency behaves in the coming months and weeks.
Everything will depend on the market and how it evolves in the next few weeks.
This analyst is expecting ONT to continue moving higher in the coming days and weeks. We see that the trend has been positive over the last week, which corresponds to the entire cryptocurrency market moving higher as well. Now, we need to understand whether ONT would be able to break through the resistance level that is currently between 0.58 USDT and 0.61 USDT per coin.
As per the analyst, the buying power reappeared when ONT fluctuates around the 0.5 USDT price zone. This seems to be a good condition for ONT to rally above 0.60 USDT and 0.75 USDT in the near future. Nevertheless, it is also worth taking into consideration that ONT still has a risk as it can fall sharply below the 0.40 USDT price region.
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.
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.