Monday, 29 July 2019

ONT (Ontology) Price Prediction: Moving averages make it hard to advance

Ont chart
NEO Chart

ONT faces strong resistance from the 20-day EMA. Also, ONT is trading below all the moving averages which shows the bears have the power at least in the short term. ONT has corrected close to 78.6% of the entire rally from the low of $0.40 to $2.17 and this is also a negative sign. 

 Although ONT has rebounded from the uptrend line,  the 20-day EMA needs to be scaled to resume the uptrend. If ONT remains under the 20-day EMA, a retest of the uptrend line is more likely to happen again. It is very important support, if it is successfully broken down, a retest of the recent lows of $0.40 will be in the cards.  

 There are not any reliable buy setups, thus, traders shouldn't open any fresh positions at the current situation.

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