- Terra LUNA Classic price tanks and closes the week at a loss.
- LUNC sees hopes for a longer-term evaporate just at the time USDC was able to repeg itself.
- With the breakdown in correlations, stablecoins could be getting hurt again with a 35% drop.
Ontology (ONT) price is set to tank further this week and next week. Overheading altcoin NEO, which is often compared as the CHinese Ehtereum, was unable to book gains on the back of the big Gaming Developers Conference (GDC) that took place throughout this week. ONT will tank lower as the push higher from last week needs to be reversed as no positive tailwind materliasied out of GDC.
Ontology price set to tank as GDC fails to deliver for altcoins
Ontology price is at risk of tanking near 20%, although several supportive elements are present to provide ample support. Where ONT will end will depend on how disappointed investors and traders will be that nog much massive news came out of the GDC, which was eyed for a few breaking headlines that would put altcoins on the map in terms of gaming tokens and coins. The dust needs to settle over the weekend to determine the move in the coming weeks,
ONT will see bulls using all available tools to avoid a falling knife with the 55-day Simple Moving Average (SMA) at $0.30, the 200-day SMA at $0.20 and the green ascending trend line near $0.19 to trigger a bounce higher. Expect a very slow grind higher, with bulls breaking higher near the end of May towards $0.40 on the topside.
ONT/USD weekly chart
With bulls unable to hit that upper handle at $0.2685, the decline could see less support as expected towards $0.20. Once that breaks, ONT falls into an area with little support between the top and bottom. The floor, which is also the lof of this year, is near $0.14.
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