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

Related posts

Can Bitcoin Bulls Keep Running? Answering Your Questions

Workin

NANO technical analysis

luis garcia

BNB technical analysis

luis garcia

Get involved!

Comments

No comments yet
Skip to toolbar