Cryptocurrencies

ONT technical analysis

ONT seen from the temporality of 1W we can see how the structure of candles has formed a long descending wedge, indicated in the chart above by the two diagonals dark blue, the price has maintained a long downward trend since the month of June 2018, now we see how the price has achieved a strong momentum after the consolidation formed in the 0.0000710, the weekly candle managed to move towards the area of supply located at 0.0001082, indicated in the chart above by the horizontal black color, the price has begun to fall after the test at that level, this fall could reach the diagonal support of the minor figure, indicated in the chart above by the small diagonal dark blue, also coinciding with the 1D demand zone located within the price range of 0.0000892 – 0.0000901, the price should hold this zone if we want to see a much larger bullish movement that reaches our first profit target which is located at 0.0001748.

ONT seen from the temporality of 1D we can observe more closely the current movement of candles where we see how the price has formed our first HL before the strong bullish impulse, with this we can delimit our support in this movement, the minor figure formed is an ascending triangle that should have continuation of the bullish movement, within the chart above I have drawn the possible trajectory that the price could follow during the development of this pattern, the area of supply is weakening and we should have a break with a next test at that level.

In conclusion, ONT is in an excellent moment of the trend, the price has already formed our first HL, if we get another, the price should not have problems to get the break of the resistance of the minor figure located at 0.0001082, if this happens the price could reach our first target of gain located at 0.0001748, the diagonal support of the smaller figure should be maintained to make this happen, otherwise, the price could continue to fall, therefore, I recommend to be very attentive to the action of the price in 1D and always remember to place their stop loss to avoid possible invalidations during the movement.

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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