Introduction

Hello crypto Lovers!
We are now in the last day of the 3rd week of trading competition. I hope you enjoyed the third week of this trading competition. My name is Kehinde Micheal and my username is @msquaretwins here on this great platform. Like I mentioned in my previous post, this week I joined one of the best team, Team Fredquantum-Kouba01 Traders which is lead by Professors @kouba01 and @fredquantum.

Again today, I am going to be talking about an interest project in the crypto world. The project is ONT which has the full name ontology. So let's go straight to the historical background of the project. Happy reading!

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Historical Background of ONT

ONT with full name Ontology is a decentralized platform that was created to help businesses all over the world. The intention of the ontology platform is to assist companies and businesses that don't have capacity of entering the block chain wold and to help those that don't have ability of creating the blockchain.

Ontology was founded by Jun Lin and Andy Ji in November 2017 and was launched officially in 2018. Ontology is a decentralized public blockchain that is very fast and cost efficient. It aims to bring decentralized identity and data solution together to the world of web 3. It provides opportunity for the creation of smart contract and launching of Decentralized Application (DApps).

Ontology is a platform that is based in China. The ontology coin was airdropped to the holders of NEO coin because both ontology and NEO are Chinese based cryptocurrency. Both NEO and ONT were created to help businesses around the world. Hence, they have the same vision and they partnered together being also the cryptocurrencies of Chinese.

The airdrop of the ONT token was distributed to holders of NEO coin in 2018. It was airdropped and not launched through any presale method, and this tells us that the project had secured funding somewhere before it came to the limelight.

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What is ONT Token?

ONT token is a native token of ontology blockchain. It allows holders to provide security for the platform and also helps them to take part in decision making. The ONT token is an utility token which used to settle transaction fee. In short, it is used for payment and fee.

The holders of ONT token do not receive any reward by holding it but receive reward when used it for the maintenance of the ontology network and for participating in the proof of stake consensus mechanism.

The circulating supply of ontology is 875,249,524.00 ONT as indicated by a blue box in thw screenshot, and the total supply and maximum supply is 1,000,000,000 ONT. The current market capitalization is $483,916,028 as indicated by a red box in the screenshot.

Source

The All time low or Cycle Low is $0.2 and this was attained on March 13th, 2020 ad shown by a blue box in the screenshot below. It reached its All Time High (ATH) of $11.53 on may 3rd 2018 as indicated by a yellow box in the screenshot.

source

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Exchanges Where Ontology can be Traded

The exchanges where ontology (ONT) can be traded are;

• Binance
• OKEx
• Houbi global
• Binance Us
• CEX.io
• kucoin
• Bibox
• BigONE
• ZB

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Technical Analysis of ONT/USDT

The chart uploaded below is a chart of ONT/USDT on a daily timeframe. As we can see, this asset is on a downtrend as price keep making series of lower highs and lower lows. Then when it get to a point, price made a correction pattern that could be said to be a,b,c,d,e pattern. As shown in the screenshot below, I am of the opinion that price has finished it correction pattern and that it is bond to make a new low as projected by a black arrow in the screenshot.

_{tradingview.com}

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Then we see another interesting thing on a 4hour timeframe chart as uploaded below. We can see a very strong level key area as indicated by a black horizontal line around our area of interest. The place is reckon with because there have been multiple rejection around this place in the past. A place of multiple rejection in market is a strong area where buyers and sellers look to make entry order.

_{tradingview.com}

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Also in 1 hour timeframe, we see that this place coincide with previous double top and there has been reaction of price in this place making it to be triple top. So we could be sure that our sell projection has been confluence with many strong area in market.

_{tradingview.com}

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Then I changed the chart to 15 minutes timeframe and added RSI indicator to the chart. As seen in the screenshot below, we see a break of structure to the downside and shorty after this, the RSI indicator entered the overbought region which is also a great confluence at our area of interest.

Then with all this information around my area of interest, I opened a sell order with;
- Entry price = $0.5528
- Stop loss = $0.5643
- Take profit = $0.5349

_{tradingview.com}

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Then the real order is taken on Binance future trading. I set the stop order and take profit at a current market price and then hot sell bitton as uploaded below.

_{Screenshot from Binance Platform}

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Then I confirmed the sell order by clicking "confirm button"" as uploaded below.

_{Screenshot from Binance Platform}

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After that, the order got executed successfully. The screenshot uploaded below shows the running order of ONT/USDT on Binance platform.

_{Screenshot from Binance Platform}

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Your Plan to hold the Token or when to sell it

As for me, I don't plan to hold this token for now. This asset is currently bearish and I am of the opinion that it will make a new low base on the market structure according to daily timeframe. So I plan to trade and target the immediate low.

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Do you recommend everyone to buy? and the reasons for recommending/not recommending

Well, I can't give a recommendation to buy this token at this time considering the market structure. The only recommendation I can give is for traders to look for a perfect opportunity to sell this token. Considering the current reaction of price, I believe the price is going to make it to the support zone on daily timeframe. Therefore, it is advisable to look for a sell opportunity.

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Conclusion

In this post, I have discussed extensively about ontology cryptocurrency. I have mentioned the use cases of the ontology token and some exchanges where it can be traded. I also did a technical analysis of the token on tradingview platform while the real order was taken on Binance Futures trading platform. Lastly, I put my opinion forward on whether to buy or sell the the token.

Special thanks to my team leaders, Professors @kouba01 and @fredquantum and the entire member of Team Fredquantum-Kouba01 Traders.