- Ontology price has seen a 45% upswing since February 28 but faces stiff resistance at $1.11.
- A 5% correction to $1.06 might be possible here.
- Transactional data shows a combination of stable support with near-zero resistance ahead for ONT.
Ontology price rally might undergo correction as it bouts with a critical supply barrier. Regardless, the ONT bulls seem ready to push the altcoin’s market value higher.
Ontology price ready for another leg-up
Ontology price has been recovering the losses after a brutal 51% drop between February 21 and 28. At the time of writing, ONT stands to surge another 45%. However, this is possible if the resistance posed by the 61.8% Fibonacci retracement level at $1.1 is breached.
A decisive daily candlestick close above this barrier suggests that a 45% run-up to $1.60 is possible.
ONT/USDT 1-day chart
Adding credence to this bullish outlook is the IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model, which shows a stable support barrier at $1.06. Here roughly 900 addresses hold about 160 million ONT. Hence, any short-term selling pressure will be absorbed by the investors in this zone.
More so, IOMAP cohorts reveal that there is little to no resistance ahead for Ontology price. The only supply barrier that ONT bulls will face ranges from $1.13 to $1.16, where 830 addresses hold nearly 75 million ONT.
Therefore, clearing the $1.16 level will provide ONT clear skies to surge 40% to the next key resistance barrier at $1.60.
Ontology IOMAP chart
Although unlikely, rejection at $1.16 could push Ontology price back to $1.11. A breakdown of the demand barrier at $1.06 could be fatal for ONT bulls as this could trigger a selling frenzy from underwater investors who could tank the coin to $0.82.
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