- Ontology outshines most of the cryptocurrencies on the market after a 10% jump.
- The technical picture suggests that the ongoing reversal will continues until ONT establishes a viable support area.
The digital asset market is dealing with acute selling pressure on Wednesday. Though, for selected cryptos like Ontology (ONT) and NEO, the picture is distinctively different. Ontology has defied the bearish pressure to post gains in the excess of 10. On the other hand, NEO is flying the bullish high above the crypto landscape with gains of 8% on the day.
The breakout aimed at $10.00 stalled at $0.95. This has allowed a minor correction to $0.9227. Short term support is likely to be established at $0.92 above the accelerated trendline (dotted). The main trendline (black continuous) will come in handy later in the event ONT dips under $0.90.
The price is trading above the Moving Averages where the 50 MA on the 1-hour chart holds ground at $0.8676. The 100 MA is standing at $0.8511 above the key support at $0.80. The reversal is likely to continue especially with the RSI retreating from 70.