- The short and medium-term outlook is in a bearish trend.
- Traders may consider selling at key areas.
ONT/USD Medium-term Trend: Bearish
Supply zones: $1.40, $1.50, $1.60
Demand zones: $1.00, $0.80, $0.60
ONTOLOGY returns to a bearish trend in the medium-term outlook. The bulls successfully pushed price to $1.89 in the upper supply area before the end of yesterday session and lost momentum. Wicks around the supply area indicates bullish exhaustion. The break of the two EMAs further suggests bears return.
The market was indecisive as it opened at $1.65 with the 4-hour candle closed a doji. The bears showed dominance as price drops initially to $1.52 and later to $1.39 in the demand area.
The signal of the stochastic oscillator points down while price is below the two EMAs. This suggests downward momentum in price of the cryptocurrency in the medium-term.
$1.20 in the demand area is up for retest with stronger pressure by the bears.
ONT/USD Short-term Trend: Bearish
ONTUSD is in a downtrend in the short-term outlook. The bears resumed the downward journey of yesterday after the break at the EMAs crossover as the market opens today at $1.62. Increased momentum by the bears pushed price initially to $1.46 and later to $1.39.
The signal of the stochastic oscillator points down at 18% and price is above the two EMAs that are fanned apart. These indicate a downward momentum in price in the short-term.
$1.30 in the demand area is the bears' initial target with more candle opened and closed below the two EMAs in the short-term.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
