Ontology- Portfolio recommendation with fundamental & technical analysis
Ontology (ONT), is a high-performance blockchain project and a distributed trust collaboration platform. It provides blockchains that include a series of complete distributed ledgers and smart contract systems. The framework supports public blockchain systems and can customize different blockchains for different applications. Ontology supports chain network collaboration with various protocol groups and will constantly provide common modules of underlying infrastructure for various distributed scenarios. For example, the distributed digital identity framework, distributed data exchange protocol, and more.
It was first launched by Chinese company Onchain in 2017 and since then has built a very strong relationship with well known Chinese blockchain platform, ‘NEO’. Ontology aims to work together with NEO to bring blockchain technology to the world in a simplified and efficient manner. The project has a strong focus on trust, identity, data exchange, and authorization.
The token distribution was somewhat unorthodox with an airdrop which occurred in March 2018, where 20 million ONT were distributed to NEO holders and the community by the NEO council. The maximum supply for Ontology is 1 billion ONT tokens, they are non-divisible, and it also features a proof-of-stake like feature, whereby you are rewarded Ontology Gas (ONG) for holding Ontology (ONT) tokens.
Ontology (ONT) is a fundamentally strong project and June 2018 is looking to bring some very positive news for the project. Ontology has 3 events scheduled for the month as stated by (coinmarketcal.com). See below:
The main-net release, ONT ID release, and Verifiable Claim Protocol are all expected to be carried out this month. This news should act as a positive momentum indicator for prices and bring some pleasing returns.
Although the market sentiment across the board has been weakened throughout the year of 2018, Ontology has been holding up quite well. Below are the charts for ONTBTC on Binance exchange.
In April 2018, Ontology seen a 215% increase in just a month. Since then, the sell-off has only been minimal, and it has managed to find support around 8400 Satoshi’s. In May to June, there was a consolidation period before ONT began climbing again at the start of June 2018 with the news of main-net release on the way.
There is a short-term channel forming on the daily charts and some volume came recently almost leading to a breakout. The RSI is holding around 50 with plenty of room to grow and the MACD is trending towards a bullish cross which will support price movement.
Currently, the volume for Ontology is a little low so the price movement is lacking but the fundamentals are looking good for this month and a reasonable target for ONT would be around 11000 Satoshi’s. Wait for a confirmed move before entry if trading. Personally, I think Ontology is a great long-term investment and has strong potential. As always, trade responsibly and make sure to do your own research before investing. This is ‘not’ financial advice.
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