[updated February 15, 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.
ONT recently had a failed break down, which was eaten back up by buyers creating a bart pattern. ONT sits back at a strong support line at 700-725 sats. This is a great entry zone as ONT has plenty of room for growth form here. A breakthrough of the 50 MA at T1 of 780 sats is expected to come this week. Once T2 at 830 sats is broken, a small frenzy of buys should push ONT in the direction it needs to hit T3 at the daily resistance block of 960 sats. 200 MA has dropped close to 50 & 100, making it possible for a bullish cross of both 50 & 100 OVER the 200 MA. This could be a great setup for the long term as well. This is definitely something I would recommend a buy-in near 700 sats. All signals are pushing for a buy here.
Possible Entries: 700-725 sats
This PRZ area should be used as stop loss in case of complete candlestick closes below this zone.
Let’s have a look at the move of price action to see how perfect this pattern is driven:
After the initial leg (X to A), the A to B leg is retraced between 0.382 to 0.50 Fibonacci. Then B to C leg is projected between 0.382 to 0.886 of A to B Fibonacci projection area, and last leg (C to D) is retraced between 0.786 to 0.886 Fibonacci.
Now the price action is moving in potential reversal zone of this bullish BAT, and soon we can expect bullish divergence at any time, which will lead the Priceline between 0.382 to 0.786 Fibonacci projection of A to D leg. Still, if after this bullish divergence, the candles sticks will be closed above the 0.786 Fibonacci projection area of A to D leg, then it can also lead to the long term bullish move.
As per the Fibonacci sequence method, we can set our targets as below:
Buy between: 0.0000757 to 0.0000701 sats
Sell between: 0.0000892 to 0.0001096 sats
So midterm trade has the potential to give up to 56% profit move.
The reason could be the 1D MA200 resisting in the same way the MA50 did on the previous fractal. The upside break out can be much higher this time, though, but let’s keep a more modest target at 0.00019 below the 1W Resistance.
On the chart, you can see that we broke support twice, according to the analyst. He believes that we will see a retest of that broken area before dropping more. Everything under 896 sats is just a lower high.
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.