Ontology price rallied recently by more than 25% and broke the $1.40 resistance against the US Dollar.

ONT surpassed the market cap of ETC and NEO to climb at 17 th position in the market cap.

position in the market cap. There is a major bullish trend line in place with support at $1.200 on the 4-hours chart of the ONT/USD pair (data feed from Binance).

The price traded as high as $1.4417 recently and it may correct lower in the near term.

Ontology (ONT) rallied recently above $1.30 and $1.40 against the US dollar. ONT surpassed the market cap of ETC and NEO to climb to 17th spot, with a strong bullish momentum.

Ontology (ONT) Price Analysis

Yet another solid week for ontology (ONT) as its price rallied above the $1.20 barrier against the US dollar. Recently, there were positive moves in bitcoin, Ethereum, ripple, litecoin and EOS, helping ONT in gaining traction. After struggling near the $1.08 resistance for some time, buyers finally gained momentum. The price surged above the $1.10 and $1.20 resistance levels to start a solid uptrend. It rallied above the $1.40 resistance and traded to a new yearly high at $1.4417.

At the moment, the price is retreating from the $1.4417 high and it may correct lower in the near term. An initial support is $1.365 and the 23.6% Fib retracement level of the last wave from the $1.105 low to $1.441 high. If there is a downside extension, the price may test the $1.275 support. It represents the 50% Fib retracement level of the last wave from the $1.105 low to $1.441 high. Besides, there is a major bullish trend line in place with support at $1.200 on the 4-hours chart of the ONT/USD pair.

The trend line support is near the 61.8% Fib retracement level of the last wave from the $1.105 low to $1.441 high. Moreover, the price is well supported above the $1.20 pivot level and the 55 simple moving average (4-hours). Therefore, if there is a downside correction, the price is likely to find a lot of buyers near the $1.27 and $1.20 level. On the upside, an initial resistance is near $1.441, above which the price could trade towards $1.50.

Looking at the chart, ONT price is clearly surging higher, with a strong bullish angle above $1.30. Dips remain supported and there are high chances of more gains above $1.45 and $1.50.

Technical indicators

4 hours MACD – The MACD for ONT/USD is currently placed heavily into the bullish zone, with a positive bias.

4 hours RSI (Relative Strength Index) – The RSI climbed higher sharply and it is currently above the 70 level.

Major Support Levels – $1.3500 and $1.2750.

Major Resistance Levels – $1.4400 and $1.5000.