Ontology Technical Analysis: ONT’s latest deal boosts sentiment
In a relatively stable market scenario, Ontology [ONT] exhibited a significant rise on Tuesday in the wake of its latest partnership with Shufti Pro. On Monday, Ontology Network announced a collaboration with AI-enabled platform Shufti Pro to provide users with Ontology blockchain-based compliance-ready Know Your Customer [KYC]/ Anti-Money Laundering [AML] solutions.
This latest initiative seems to have lifted sentiment in the market, with the coin rising over 8 percent, as the deal aims to improve the trust ecosystem of the cryptocurrency. The token climbed to as high as $2.15, its highest in over two weeks.
The digital identity-based services that will be offered under this deal will enhance accessibility to markets that are exploring new ways to add customers in regulated industries.
"We believe that the combined use of new and innovative blockchain technology with cutting-edge ID and identity verification technology is a powerful combination for global business operations," said Shufti Pro CEO Victor Fredung.
Ontology is consistently taking measures to improve its ID authentication, which allows users to build their own multi-factor identities which they can authenticate and use.
“The emergence of blockchain technology creates opportunities across to discover potential and promising solutions,” said Andy Ji, co-founder of Ontology.
ONT's market cap currently stands at $431.6 million, as per CoinMarketCap data, making it the 25th most valuable digital asset.
The digital currency experienced a break out from the key resistance level, which can be traced at $2.07. It is currently striving to touch the $2.14 mark. The major support level was noted at $1.91. The MACD suggests that the crypto is trading well in bullish territory. The 100 EMA line, at press time, indicates that ONT was exhibiting an uptrend. The hourly RSI indicator is presently at 55.94, which clearly suggests that there is increased buying in the market. At the time of writing, the cryptocurrency was trading at $2.08, up 7.5% against the U.S. dollar.
The crypto rose 6.7% against Bitcoin [BTC] at the time of writing. One ONT token is currently worth around 0.0003 BTC.
Ontology [ONT] Price Prediction 2018, 2020
- According to WalletInvestor, the coin is expected to trade at $5.04 by the end of this year. The forecast further states that the crypto will not touch $10 within a year.
- Trading Beasts has forecast that the token will be valued at $2.90-$4.27 by the end of this year. By December 2020, the altcoin will be trading within a range of $518.89-$763.07.
- Coin Switch's one-year forecast for ONT is set at $33.5. In five years, the coin will likely be valued at around $137.6.
Ontology [ONT] Latest Updates
- Ontology recently entered into a partnership with 4Stop, a KYC compliance service provider. The collaboration is directed towards providing digital identity services that will help Ontology’s public blockchain to leverage the KYC services of 4Stop.
- Ontology also joined the TOP Network to build a communication network ecosystem at blockchain application level last month.
- Ontology has not just restricted itself to KYC or business-oriented services with its blockchain. Last month, it partnered with Muzika, a blockchain firm which aims to decentralize the music industry. The collaboration is expected to drive wider adoption and eliminate intermediaries and third parties in online transactions.
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