- The short and medium-term outlook is in the uptrend.
- Buying may be considered at bearish exhaustion areas.
ONT/USD Medium-term Trend: Bullish
Supply zones: $1.40, $1.50, $1.60
Demand zones: $1.00, $0.80, $0.60
ONTOLOGY is in a bullish trend in the medium-term outlook. The bulls temporarily lost momentum at $1.50 in the supply area after an impulsive upward movement n 10th June. The wicks in this area coupled with the bearish spinning top signaled the bears market dominance.
ONTUSD fell to $1.36 in the demand area and shows exhaustion. This was as a market correction and a confirmation to the bullish continuation.
The bulls are back in control of the market with the break of the 10-EMA. The cryptocurrency rose to $1.47 in the supply area as the market open today.
With price above the two EMAs and the signal of the stochastic oscillator pointing up at 62% the price of the coin may rise to $1.60 in the supply area for a retest of the high of 30th May.
ONT/USD Short-term Trend: Bullish
ONTUSD is in a bullish trend in the short-term outlook. The break from the upper supply area of the range at $1.34 on 10th June and subsequent retest confirm the upward price movement.
The cryptocurrency rose to $1.49 in the supply area before the minor consolidation during yesterday session.
Price has remained above the two EMAs with $1.46 in the supply area retested. The stochastic oscillator signal points up at 60% another confirmation to upward price movement.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research
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