- Ontology has recently partnered with a decentralized computing platform to provide a Trusted Execution Environment for their smart contracts.
- The market is currently struggling to break above resistance at the $0.6817 handle.
- Support moving forward: $0.6352, $0.5887, $0.55, $0.5224, $0.4820, $0.45, $0.4380.
- Resistance moving forward: $0.6817, $0.7393, $0.7673, $0.8671, $0.9596, $0.9756, $1.03.
Latest Ontology News
The Ontology network continues to expand over the recent few weeks. After the Ontology blockchain development product was added to Microsoft Azure and Amazon AWS, the team has announced a new collaboration with a decentralized computing platform known as TEEX.
The partnership is focused on on-chain data privacy as well as finding secure client private key solutions. The collaboration will bring about Trusted Execution Environment (a TEE), which is a black box in a computer chip that protects code and data from being tampered with.
Companies will use a TEEX Layer-2 privacy preserving computation solution on the Ontology network where both parties will create a secure and private smart contract execution environment. This will hopefully protect data privacy and security during on-chain computing within Ontology.
Adding further to the partnership, the Ontology mobile client, ONTO, and the the desktop wallet, OWallet, will also use a TEE to protect user private keys.
In other Ontology news, the team has announced their Neptune Release. Neptune is a new Python compiler for developers which includes more syntax features and precise syntax checking . This will allow developers to harness the power of smart contracts.
Let us continue to take a look at price action for Ontology over the recent period and highlight any potential areas of support and resistance.
ONT Price Analysis
Ontology has seen a price hike totaling 7.94% over the past 24 hours of trading, bringing the current trading price up to around $0.6773, at the time of writing. The market has seen a 8.77% price increase over the past 7 trading days with a further 18% price surge over the past 30 trading days.
Ontology is now ranked in 31st position as it currently holds a $193 million market cap value. The 10-month old project has seen a price drop over the past 90 trading days totaling 63%. The project now trades at a value that is 93% lower than the all-time high price.
Analyzing price action from the 4-hour perspective above, we can see that since our last price analysis, the market had fallen below the previous support at the downside 1.272 FIbonacci Extension level (drawn in purple) priced at $0.5199 to find further support around the $0.45 handle.
ONT/USD rebounded from this area and began to rally during the second half of December 2018 to reach a high around $0.8671 on December 24, 2018. After reaching this high, the market began to retrace until it found support at $0.55, just below the .618 Fibonacci Retracement level (drawn in green) priced at $0.5887.
The market has recovered slightly but has unable to overcome resistance provided by the short-term .382 FIbonacci Retracement level (drawn in green) priced at $0.6817.
The market is currently trading within a sideways trading condition as the players within the market battle to see which direction they wish to head toward next.
For ONT/USD to be considered bullish, we would need to see price action break above the previous high priced around $0.86. Price action would need to break below the $0.55 handle for the market to be considered bearish.
Where is the Resistance for ONT Located Above $0.6817?
If the buyers can succeed in pushing price action above the resistance at $0.6817, they will immediately encounter resistance toward the upside at the short-term .236 Fibonacci Retracement level (drawn in green) priced at $0.7393.
Further resistance above this can then be expected at the bearish .236 Fibonacci Retracement level (drawn in red) priced at $0.7673. If the bullish pressure can cause price action to continue higher and break above the previous high at $0.8671, they will reach higher resistance at the bearish .382 Fibonacci Retracement level (drawn in red) priced at $0.9596.
More resistance toward the upside can be expected at the short-term 1.272 and 1.414 Fibonacci Extension levels (drawn in blue), priced at $0.9756 and $1.03560 respectively.
Where is the Support Located Below the Market?
If the bears begin to push price action for ONT/USD lower, we can expect immediate support toward the downside to be initially located at the .5 FIbonacci Retracement level (drawn in green) priced at $0.6352. This level of support is further bolstered by a upward sloping trend line.
If price action manages to break below this area of combined support, more support toward the downside can be located at the short-term .618 and .786 Fibonacci Retracement levels (drawn in green), priced at $0.5887 and $0.5224 respectively.
Even more support toward the downside can be found at the short-term .886 FIbonacci Retracement level (drawn in green) priced at $0.4830, followed by the previous December 2018 low support at the $0.4380 handle.
Security is an important factor to consider when choosing a blockchain to work with. The fact that Ontology is partnering with security experts to create secure execution environments for their smart contracts is a good sign.
This combined with the added security provided to the Ontology wallets will provide a solid foundation for enterprises to choose Ontology over other networks.