(Updated October 10, 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 October 10, 2021)
This ONT/USDT trading analyst is currently following a Sniper Strategy to trade Ontology. This involves trading on the daily, weekly and monthly charts, which would let this strategy operate in the best possible way. Users should target entry prices that are related to strong support and resistance levels. These regions act as pivot points while trading.
Thus, the waves can reverse and target resistance levels that would be the take profit regions. In the chart, the analyst is currently showing different support and resistance levels, including 1.1775 USDT and 1.3242 USDT as resistance regions. Instead, there are other support levels placed at 0.8358 USDT, 0.7663 USDT, 0.7 USDT and even lower.
The Ontology Tether trading pair (ONT/USDT) could continue moving higher in the coming days and weeks. As per the analyst, after AVAX, SOL and FTM, we could see not only ONT but also Polkadot (DOT) moving in positive direction. ONT could pump up now and break the MA100 and the MA200, where it can find some resistance in the short term.
If ONT is able to surpass these two levels, then it might be possible for it to move even higher with a large pump in the coming weeks. The entry points shared by the analyst include 0.8764 USDT and 0.837 USDT. The exit levels include 0.8181 USDT, 0.756 USDT and 0.6483 USDT.
This analyst is making a long-term analysis of the ONT/USDT trading pair. He shows that during 2019 and 2020, the virtual currency has been in a downward trend in which the virtual currency moved from 2.76 USDT to 0.20 USDT in March 2020 during the COVID-19 crisis.
Now, during the bull run that started at the end of 2020, the digital currency was able to break from this bearish channel and it has re-tested during the crash that took place in May of this year. Now, it is recovering and the profit target that the analyst sees for this digital currency is at the 1.618 level of the Fibonacci sequence at 17 USDT per coin.
Let’s now focus on the ONT/USDT trading pair. The analyst shows that the virtual currency has recently broken up from the trend but it was rejected by a significant resistance at 1.26 USDT. Furthermore, he says that we are also forming a new ascending triangle under 1.5318 and inside of an ascending channel that started to show up.
That means that there is a bearish and bullish pattern at the same time being formed for this trading pair. A short position to enter on break down or on a bearish retest of the level (1.0299 USDT) is one of the possible positions shown in the charts. However, it might also be possible to enter on a breakout or on the restest of the 1.1538 USDT.
As per the ONT/USDT analyst, the ONT digital currency has made the region between 0.76 USDT and 0.78 UDST strong support, when in the past it was a resistance level to break, The next level that the analyst was looking at was the 0.867 USDT region. Where he found there a strong resistance level that ONT had to break if it wanted to move higher.
We also see that in recent weeks ONT was not only able to break this resistance but also test it as support. This has helped the digital asset to move higher and reach a price per coin of 1.09 USDT per ONT. When trading, the analyst says that we should also add a stop loss.
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.