Ontology (ONT) reverses after a 45% surge on Monday
|- Ontology’s retreat finds support at the 50% Fib level.
- Upward momentum builds as buyers set their eyes on $1.0.
Ontology was the knight shining armor on Monday following its ballistic reaction to China’s support for blockchain. The president of China is said to be embracing the blockchain technology. With that kind of support, China-based blockchain projects are likely to benefit.
The price of Ontology scaled several barriers following the correction above the 50 Moving Average (MA) on the four-hour chart and the 100 MA. The momentum resulted in an engulfing candle that pulled past the 61.8% Fib retracement level taken between the laws swing high of $1.18 to a swing low of $0.5181. ONT formed a monthly high at the Fib swing high before the current correction ensued.
At the time of writing ONT/USD is exchanging hands at $0.8857 after correcting lower 13% in the last 24 hours. The lower correction has found support at the 50% Fib level. The buyers are keen on the recovery the value slashed and possibly correct above the monthly high.
ONT/USD four-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.