Ontology starts recovering after recent price rejection

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Updated on Jun 15, 2024

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Ontology price skyrocketed in early 2020, only to sink to new YTD lows after the March crash.
The following months brought slow but persistent recovery, which has since grown into a strong surge.
Now, the coin once again struggles with a known resistance that is blocking the way to its YTD high.

Ontology (ONT) price recently started increasing once again, after suffering a strong correction starting in mid-July. The coin is still quite far away from the price it reached during its July surge, and not even close to its YTD high. But, any price increase is welcome, and the coin appears to be on its way to recovery.

Ontology hits $1

Ontology saw quite a strong performance in the first quarter of the year, starting from $0.5, and peaking above $1. The coin did encounter one strong resistance along the way, and it’s the same one that rejected its price in July.

This was the level at $0.7, which it reached around January 18th for the first time in 2020. After initial price rejection, ONT started participating in a market-wide rally, eventually breaking it with ease, and surging all the way up to $1.

The coin even breached this level for a short period, proving that it was an excellent opportunity for anyone who decided to buy ONT in the early days of the year.

But, soon after peaking at $1.06, the coin started dropping — first due to a natural correction, and then it sank back to $0.5 and deeper during the mid-March price crash.

Ontology’s recovery and an old resistance

Following this drop, ONT started its recovery, much like the rest of the crypto industry. Its progress up was slow and steady, and often blocked by strong resistances. The most notable one was at $0.5, its former support, which now took more than a month for the coin to breach.

Eventually, it managed to do it in late May, and since then, it broke two more resistances, at $0.60 and $0.65.

But, after hitting $0.7, ONT once again saw its price rejected, although it did manage to briefly breach it and almost hit $0.8. It had a strong momentum, but ultimately, the price was brought back down to $0.66, from where the coin mounted another attempt to go up.

Conclusion

Ontology saw strong performance in early and mid-July, although a strong barrier rejected it after a brief breach. The coin now started another surge, hoping to breach the resistance and keep going up.