Ontology was one of the biggest gainers on Wednesday after posting double-digit returns over 24 hours. The Chinese based blockchain platform is looking to provide an enterprise-grade platform for smart contracts, without the limits of traditional blockchains. But should you invest in the ONT token now? I’m going to get on top of Ontology, reviewing it from both a fundamental and technical points.
Ontology (ONT) Fundamentals
So, what exactly is Ontology, anyway? Ontology is another blockchain network built by Onchain–the same company that created NEO. Like NEO, Ontology has a fast, efficient throughput that doesn’t rely on mining. Instead, transactions and smart contracts are paid with another token, ONG.
The project just celebrated its’ first birthday, and the team is busily representing the network at conferences and events. Last month, the team launched a new incentive model, which rewards the most successful dApps on the network.
They’ve also released Neptune, a new compiler for smart contracts in the Python language. According to the Ontology Team, the new compiler will make it easier for developers to effectively harness the power of smart contracts.
ONT/BTC Technical Analysis
Now while all this is super exciting, looking at Ontology’s price action may bum you out a little bit. Wednesday’s surge was the first bullish attack after weeks of consolidation. The ONT/BTC pair bottomed out on December 15th, when it reached the all-time-low level of back in March 2018 when it started out trading on Binance. By April it started surging like crazy. That’s when I predicted a correction.
One good thing is that Wednesday’s bullish push brought the pair to the Ichimoku cloud and close to a key pivot level where I’m showing in orange on the chart. This level acted as key support back in August. This means if the pair is able to break above it and cross over the Ichimoku cloud, then we might have a case for a real bullish reversal.
Until then, stay tuned by clicking on the subscribe link so that you get our Video Briefing as soon as we publish them. I’d also like to hear from you. What are your thoughts on Ontology and NEO? Do you think the new bullish sentiment is going to stick? Are you going to invest in any of these coins? Let me know in the comments!
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