(Updated August 2, 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.
Technical Outlook On The Price Of Ontology (ONT) TradingView (Update August 2, 2020)
For the ONT digital currency, the trader considers that there has been a test on the MA200 and that it held as support. This is something we also need to take into consideration for future trades. In addition to it, he suggested that the potential target is going to be close to 1.10 USDT per ONT and it could then retrace to 0.75 USDT per ONT.
The selling points for ONT which were marked by the trader include the abovementioned 1.10 and the region close to 1.17. The analyst has based his analysis using Gann and the angles theory.
ONTUSDT could be ready for a breakout after breaking from a symmetrical triangle that took place in recent days. The digital currency is currently being traded in a tight range between $0.7807 and $0.7565.
If it is able to break out above the $0.7807 region, ONT could continue moving higher. However, if instead, the market falls and ONT follows, then we could test the $0.7147 region that worked in the past as support and also as resistance. It will definitely be important for ONT to sustain the current levels and move higher if it wants to continue growing.
The ONT/USDT trading pair seems to be breaking below an ascending channel in which the price of ONT was targeting $1.01 if it was able to break out above the trend. Nonetheless, as the analyst shows, this did not happen and ONT is now falling below the lower band of the ascending channel.
We could see a retest of the lower band of the channel that could eventually become resistance as it was working before as support. The next level to sustain is $0.47. If ONT falls below that level, it might be possible to see new lows this year.
ONT/USDT is forming a symmetrical triangle. The digital currency is nearing its apex and it could break in any direction. There are some other things to take into account about this trading pair, including the low volume, the RSI below 50 and the 200 EMA.
As the volume continues to decline in this digital asset, that could mean that there could be an influx of new funds into ONT in the coming days or weeks. The 200 EMA can certainly assist as a directional guide, as the analyst reports. Finally, he considers a break out could occur validating a trade in either direction.
ONT/USDT seems to be in a triangle and breaking out from it. This triangle started in March when the markets fell to their lowest point in several months. Now that we are breaking out from this triangle, ONT could move higher and surpass the $1.00 level in the coming weeks or months.
In addition to it, the RSI seems to be strongly bullish according to the analyst providing this insight about ONT. We just need to wait whether Bitcoin and the entire crypto market start moving higher and see how this could affect altcoins and Ontology in the coming months.
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.