Ontology

Ontology Gas

Time for another token deep-dive. Today, I assess Ontology Gas $ONG.Join me for a thread about fundamentals, chart analysis, social assessment, and trade setups.Ready? Let&#39;s go!<h2 id="header-0">1 — About</h2>$ONG is the utility token used to pay for transaction fees and network services on the Ontology blockchain. ▸ ONG is generated through staking the main Ontology token, $ONT. ▸ It is essential for performing on-chain operations like smart contract execution and transfers. ▸ Moreover, it plays a key role in maintaining the network’s functionality &amp; ecosystem.<h2 id="header-1">2 — Tokenomics</h2>Let&#39;s have a quick check of the most essential token figures: ▸ Market Cap: 122M ▸ Market Cap Rank: 315 ▸ 24h Volume: 13.5M ▸ Volume Rank: 274 ▸ Circulating Supply: 374M (37.4%) ▸ Total Supply: 1B<h2 id="header-2">3 — Chart Analysis</h2>$ONG has been consolidating since July while the price bounced between 0.25-0.35. Since September, ONG has entered an uptrend, making higher lows and highs! However, so far, the token couldn&#39;t break above the resistance at 0.33 sustainably.Overall, the chart shows a bullish setup!<img src="https://academy-public.coinmarketcap.com/optimized-uploads/43d130239da1474587853bd5cd964afa.png" />&#x1f449; Join 5,000&#43; traders who rely on my daily crypto insights. Don’t miss out—sign up for free today! <a href="https://newsletter.bencrypto23.com/" rel="noopener noreferrer nofollow">https://newsletter.bencrypto23.com</a><h2 id="header-3">4 — Technical Indicators</h2>Indicators show a mixed picture, which is typical for a token switching from consolidation to bullish.▸ The MACD is about to turn bullish after the latest bearish crossover triggered by last week&#39;s sell-off. ▸ RSI is neutral ▸ Volume has been perfectly increasing since the start of the uptrend. ▸ The price trades below the EMA 200, sitting almost at the resistance level.Overall, technical indicators print a neutral picture, ready to flip bullish.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/c6c1462e91b14eda9958e010eac90898.png" /><h2 id="header-4">5 — Social Analysis</h2>Overall, $ONG shows positive social relevance. The amount of mentions has been increasing since mid-September (except for a d at the end). Especially, since the start of October, ONG&#39;s relevance has more than doubled!The social relevance clearly shows a bullish development.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/02cfdad139bf42639136d9658569ffbf.png" /><h2 id="header-5">6 — Sentiment Analysis</h2>$ONG&#39;s sentiment remained very positive level for the entire observed period (one month). However, during that time, the token has seen an increase in positive sentiment from ~85 to ~91. Accordingly, the token plays in the top league.ONG&#39;s sentiment indicates another bullish momentum!<img src="https://academy-public.coinmarketcap.com/optimized-uploads/9fbe8af287554390884f6a5bb9b23eee.png" /><h2 id="header-6">7 — Funding Rate</h2>Although ONG&#39;s funding rate is still negative, it has improved lately. While the average funding rate of the last 30 days was -0.0003627, it increased to an average of -0.0001316 over the previous 3 days.Given the positive momentum, there&#39;s a huge chance a positive funding rate flip shortly!<img src="https://academy-public.coinmarketcap.com/optimized-uploads/f4f25b4ca00c4675a96a5578d02908f1.png" /><h2 id="header-7">8 — Long/Short Ratio</h2>When looking at the open positions, ONG shows a strong bullish picture. While only 37.5% of open positions are short, 62.5% are long positions.ONG&#39;s long/short ratio can be considered bullish but healthy!<img src="https://academy-public.coinmarketcap.com/optimized-uploads/d1c0c969a7334f1f8e98ea66c3b5b341.png" /><h2 id="header-8">9 — Trade Setup</h2>The resistance at 0.33 plays an essential role in a trade setup. ONG should break through this level and confirm it on a higher timeframe. On top of that, the move should be driven by increasing volume. If that happens, the following setup seems reasonable: ▸ Entry: Break above $0.33 ▸ Target 1: $0.36 (~10%) ▸ Target 2: $0.44 (33%) ▸ Stop Loss: Slightly below $0.30<img src="https://academy-public.coinmarketcap.com/optimized-uploads/22fff5203d264231a226313191a52169.png" /><h2 id="header-9">10 — TL;DR</h2>$ONG shows a bunch of bullish signs, including the chart setup, positive social momentum &#43; sentiment, funding rates, and long/short ratio.A trade entry seems reasonable once the resistance at $0.33 is broken, with profit targets at $0.36 and $0.44.——Enjoyed the post? Make sure to like and share it!&#x1f449; Join 5,000&#43; traders who rely on my daily crypto insights. Don’t miss out—sign up for free today! https://newsletter.bencrypto23.com

Ontology Gas — 360° Analysis

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Ben Walther

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