ONT technical analysis

ONT seen from the temporality of 1W we can see how the figure larger has formed a descending wedge in which currently the price begins to show reversal signal trend after having touched 3 times the support of the figure, the previous candle has closed bullish after a series of dojis accumulation, so we should see an increase in demand in the coming days, so that the movement upwards is concrete, the price should manage to close above the area of supply located within the price range of 0.0000803 – 0.0001168, which is indicated in the chart above by a blue rectangle, this is our first objective, the price has been rejected at that point, however, the current candle could be testing the EQ point to continue the upward movement, the current candle is still too young to determine if the price has found a strong resistance that prevents it from making a much larger upward movement.

ONT seen from the temporality of 1D we can observe more closely the current movement of candles, the structure of candles has delimited our support and resistance during the bullish movement, these areas have been marked on the chart by 2 diagonals dark blue, on the chart I have also drawn the possible path that should follow the price within a bullish scenario, the price should remain within the figure respecting the support for this to be possible, otherwise, we could look for an entry into the lower demand zones, the first zone of demand is located at 0.0000724 and the second demand zone is located at 0.0000667, both are indicated on the graph by horizontal black.

In conclusion, ONT seems to be in a good buying moment, the trend count favors it, the previous closing of the weekly candle has been positive, so in the course of this week the price should return to the opening price and continue up, however, I recommend always be attentive to the action of the price in 1D to locate the best entries and avoid losses, as it is always advisable to watch the movement of BTC, since the latter is close to a high volatility, its trajectory has been inclined downwards, just as I had warned in my previous analysis, whenever there is strong movement of BTC, the market is affected, so if you are going to operate during these days always have to place the stop loss.

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.

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