- Ontology’s retreat finds support at the 50% Fib level.
- Upward momentum builds as buyers set their eyes on $1.0.
Ontology was the knight shining armor on Monday following its ballistic reaction to China’s support for blockchain. The president of China is said to be embracing the blockchain technology. With that kind of support, China-based blockchain projects are likely to benefit.
The price of Ontology scaled several barriers following the correction above the 50 Moving Average (MA) on the four-hour chart and the 100 MA. The momentum resulted in an engulfing candle that pulled past the 61.8% Fib retracement level taken between the laws swing high of $1.18 to a swing low of $0.5181. ONT formed a monthly high at the Fib swing high before the current correction ensued.
At the time of writing ONT/USD is exchanging hands at $0.8857 after correcting lower 13% in the last 24 hours. The lower correction has found support at the 50% Fib level. The buyers are keen on the recovery the value slashed and possibly correct above the monthly high.
ONT/USD four-hour chart
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