Ontology Analysis – Target on the 3 USD

Another coin and another spectacular upswing. Not as great as on the Verge but still good – we are up 18% on the Ontology. Previously, we mentioned this coin on the 1st of August and we were negative. Is the current upswing fresh or we made a mistake? This is what we wrote back then, when the price was on 2,52 USD:

“Technical analysis did not disappoint and the ONT broke the 3 USD, making new mid-term lows. Breakout is still fresh and should result with a further decline. Sell signal will be cancelled, when the price will come back above the 3 USD, which for now, is less likely to happen. „

On Monday, we reached lows on the 1.04 USD and that is the local bottom for this coin. Another day, another great call from our analytical team! Since Monday, the price is reversing, almost without any stop. Today, buyers are breaking the mid-term down trendline (red), which is additionally strengthening the demand. As for now, the sentiment is positive and we should see the continuation of a pullback. The target for this is the yellow area around the 3 USD, which previously was an important support.