Cryptocurrencies

ONT technical analysis

ONT seen from the temporality of 1D we can observe an upward pattern that should conclude with the fifth wave reaching the price range located between 2.16 – 2.23, the bulls have been showing buying power creating this way higher and higher that will end up pushing the price above the resistance located at 1.64.

ONT seen from the temporality of 4H we can observe how the price has broken the resistance in diagonal (indicated in the graph of above in red color) doing its later throwback to test it like support, we can see also more closely the setup of an ascending triangle, this type of pattern is of continuation, reason why we should see to reach the zone of offer that is indicated in the graph of 1D.

In conclusion, ONT keeps track of Elliot waves so far, is currently ending the fourth wave with the ascending triangle, we should have a next bullish momentum to see achieved our take profit target that is located within the price range of 2.16 – 2.23. We must be aware of the price in the next few hours, candles should not fall below the daily demand located at 1.40 or below the support of the triangle, this would produce an invalidation and the price would precipitate downwards.

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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