Ontology Price Loses Over 9% as Bullish Momentum is Over

Despite what traders would like to see, it appears the bearish crypto market pressure is far from over at this point. With Bitcoin still down by nearly 2%, it would appear nothing exciting will happen today either. Even though the Ontology price has been rather bullish over the past week and a half, it seems most of that momentum is being eroded in very quick succession.

What is Happening to the Ontology Price?

It was a matter of time until the value of Ontology would come crashing down once again. As this market has seen some very big gains in recent weeks, one would expect a correction to occur fairly soon. It now seems that price correction is kicking in, and is making some very volatile waves in the process. It seems rather likely the ONT value will drop below $1.1 pretty quickly if this trend remains in place.

The current tally for Ontology is not exactly promising by any means. A 9% drop in USD value and a 7.17% decrease in ONT/BTC do not paint a positive picture by any stretch of the imagination. These declines drive the Ontology price down to $1.14, or 28,945 Satoshi. Its overall trading volume is still doing quite well, although the $70.65m is not necessarily sufficient to turn this ship around now or in the near future. It is evident Bitcoin’s trend affects all alternative markets in a bearish manner.

On social media, it would appear there is still some excitement surrounding Ontology. More specifically, the project itself is tweeting about the TOP airdrop which is occurring later today. Users can still enter to win a few tokens, but it is evident this is not the momentum traders will be looking for. However, it can bring some positive attention to ONT as well, as the Top Network is an Ontology incubated project.

For those who are primarily looking at the current ONT chart, it seems things will not necessarily improve moving forward. More specifically, the current pattern shows there is still a wedge in play which seems to lean toward further bearish pressure waiting to materialize. Assuming that is the case, double-digit percentage losses are on the horizon for Ontology, which is in line with what other markets are going through right now.

Traders and speculators who just want to make some good money during this time can look into triangular arbitrage opportunities. One of those options involves the use of Ontology to pocket a potential profit of up to 92%, which almost sounds too good to be true. The involvement of BitBns is, once again, the weak link in this process, but one never knows what this intra-exchange trade can offer in the end. Making money in this industry requires taking a few risks.

All of these signs seem to confirm the cryptocurrency industry is not in a good place right now. While that situation may change in the near future, it seems Ontology will not really much of an uptrend moving forward. That will only happen if Bitcoin decides to move up in quick succession, which seems very unlikely at this time. Why this bearish momentum is still in place right now, remains a big mystery to pretty much everyone.

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.