(Updated April 11, 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 April 11, 2021)
According to the ONT/USDT analyst, the price could continue to reject the trend line and break a smaller trend line that was formed within the channel. This is the path that the expert considers that could be taken in the near future.
In addition to it, he shows that there are some resistance and support levels along the way. For example, some of these levels include $2.2194 and $2.3563. These are two of the resistance levels shown by the analyst. Meanwhile, the support levels are at $1.90 and $1.69. This digital currency is currently being traded against USDT.
According to the analyst, ONT is forming an extremely bullish pattern on the ONT/USDT trading pair. The digital currency is now moving towards 1.5592 USDT and it could continue growing towards 1.8613 USDT or even 2.5316 USDT.
For the ONBTC trading pair, there is a triangle with a horizontal resistance line on the MA that has crossed and still didn’t pump. For the BTC pair, Ontology could move towards 0.00004 in the near future and eventually target the 0.00005 BTC region.
As we see, both USDT and BTC pairs have been moving in the same direction for ONT in recent days.
For the ONT/USDT chart, we see that there is a symmetrical triangle pattern being formed which is also creating a cup and handle pattern. Thus, the analyst considers that we might see a bullish movement from the current levels.
The bullish movement has a 60% probability of happening. However, he considers that it is strictly necessary to have a trustworthy signal for entering a long position from the current levels. Today’s resistance level is close to 1,3442 and the support level stands at 0.9838. Some of the indicators that could work for the analyst include RSI, MACD and BB among others.
The analyst shows that ONT was on the rally but selling pressure pushed it downwards. However, the analyst says that it might be possible for ONT to start moving higher towards the 1.9 USDT price level. In addition to it, the 2.8 USDT level is also possible, as per the analyst.
He has also shared some information about where to buy the virtual currency. The buy levels include 0.97 and 1.03, 1.17 and 1.23 or 1.5 and 1.6. The selling levels include 1.17 and 1.23, 1.5 and 1.6, 1.85 and 1.95 and finally 2.75 and 2.85.
It is important to follow how the digital currency could continue moving in the coming days and weeks.
Ontology has been one of the calls to follow for the last few weeks according to this analyst. As you can see in the chart, it has been a very positive week for ONT. In the near future (next months), it might be possible for the virtual currency to move towards 3.6085 USDT per coin.
Indeed, there are different levels this digital currency could reach. These levels include 1.668, 2.07, 2.62 and the last one 3.6085. The chart show by the analyst shows that in order for ONT to move higher it would be necessary to break the top of a trendline that started many years ago.
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.