Ontology (ONT) has been considerably bullish during the past two weeks, although it couldn’t circumvent a significant dump that took place across the entire cryptocurrency market in the first days of September. That dump took 40% of ONT’s value in a single bite and greatly undermined the altcoin’s ability to travel the upside.
1-week ONT/USDT chart
Ontology finds itself in the tightening range
Although a knowledgeable trader should have anticipated that move since the price drew the double doji pattern on the weekly time frame immediately after breaking the resistance at $0.85 to the upside, ultimately failing to establish a new higher high against the one at $1.08 that was reached on February 10 at the top of the bull rally. In doing so, Ontology has failed to meet the expectation of traders who wanted to see at least a hint at the reversal of the downtrend that lingers since August 2018.
ONT historical chart