There doesn’t appear to be much excitement in the cryptocurrency industry today. Top markets are still down, and most alternative markets are either at break even or note slight gains. Traders currently searching for bullish momentum will not have an easy task doing so. Surprisingly enough, the Ontology price is moving up once again, as it seeks entry into the market cap top 15.
Where is the Ontology Price Heading Next?
When it comes to looking at the overall cryptocurrency industry, there are always a fair few unknown aspects to keep in mind. Even when an altcoin is rising in value all of a sudden, one has to keep in mind there is a chance the momentum will reverse course fairly soon. In the case of Ontology, there is plenty of positive momentum right now, even though a fair few traders have taken profit already.
Over the past 24 hours, there has been a notable Ontology price increase. A fresh 15.5% gain pushes the ONT value to $1.29, or 31,783 Satoshi. Combined with $128m in overall trading volume, it seems the interest in Ontology has not subsided in the slightest. However, there doesn’t appear to be any genuine reason for this latest uptrend.
When traders start to see such big profits, it is only normal they start cashing out sooner rather than later. Crypto Case Info has done exactly that when the profit was a bit higher than it is right now. As such, there may be a lot of negative pressure on this market moving forward, which can pose a whole new set of problems for this altcoin.
+18.75% profit. Thank you #ONT so much pic.twitter.com/t5bBUV8eHp
— Crypto Case Info (@Crypto_Case) March 20, 2019
Even the Turkish traders, who have seemingly taken a major interest in all pumpy altcoins these days, are looking at this market with some doubt. It now seems the rising triangle has pretty much peaked and will see some pushback toward the 30,000 Satoshi level fairly soon. However, that will primarily depend on what happens to Bitcoin in the next few hours and days.
Ont hakkında 3-5 kelam edelim. Teknik dersek yükselen üçgen teyit edildi ve 3300 be 3800 hedeflerinin ilkine geldi. 3050altına inmediği sürece 3800 i hedefleyebilir. Diğer yandan 1w grafikte fiyat üst bb’ye geldi.
— R4F (@DaoCoinTech) March 20, 2019
Coco Manji, on the other hand, is keeping somewhat of a long-term view on Ontology. By doing so, this user pocketed a potential profit of up to 25%, which is more than acceptable under the current market circumstances. Although that uptrend will not be sustained for very long, it is sometimes worthwhile to keep holding when the momentum turns bullish.
almost 35% profit for $ONT for now#ONT HOLDERS now they can take a break. dont miss $REQ $NAS $NXS $GAS pic.twitter.com/xOFsRDgOQV
— coco manji (@cocomanji) March 20, 2019
All signs seem to indicate the Ontology value has peaked already. While that doesn’t necessarily warrant a massive bearish run, it is likely some sort of correction will occur prior to the weekend. How steep that dip will be, is up to anyone’s guess at this time. No one should try to chase this pump by any means, albeit traders are advised to make their own decisions at all times.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
Image(s): Shutterstock.com
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