Cryptocurrencies

ONT technical analysis

ONT seen from the seasonality of 1D we can see a bearish candlestick structure, after the price found resistance in the blue horizontal located at 1.0142 forming LH, the price has found greater selling strength so we should see a retreat into the 1D demand zone located within the price range of 0.7952 – 0.8431, upon reaching this we could see a brief bullish impulse towards the 0 range.90 – 1, as long as the price does not close above the blue horizontal located at 1.0142 the price could fall lower, as we would have a double ceiling setup that would push the price towards the next zone of demand in 1D located at 0.5134, in the chart above I have drawn the possible trajectory that the price should follow in the next few days.

ONT seen from the temporality of 1W we can observe a double ceiling setup, the price after breaking the neck line located in the 1.0824 has made a pullback confirmation, failing the test which is causing the current bearish momentum I mentioned in 1D.

In conclusion, the current ONT movement is bearish, the price should continue to fall in the coming days, the first zone where I could perform a bull trap is located in the price range of 0.7952 – 0.8431, the main zone of demand is in the support located at 0.5134, at this level we could have a very good long entry, our objective would be the range zone between the support and the resistance at 0.7952, I recommend to follow the action of the price at 1D and avoid traps during the run, the level at 1.0142 must be surpassed to see a change of trend, as long as this horizontal is not exceeded the price will continue to fall.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

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