Ontology is a native coin of the ontology network that enables developers to use it to vote for several validators running the network after which they receive reward in form of ontology gas. Developers can also use the ontology gas to create and issue the token of their dapps . Since users of the network can stake the ontology coin to earn reward in form of ontology gas, the ontology network can therefore be considered to be using a delegated proof of stake consensus. On Monday the 27th of April, one ontology started trading at around $0.4978. By Tuesday the same week, the price had managed to fall to $0.4550. This decrease in price has been due to traders behaviour which can further be explained as follows;
Traders behaviour
Ontology has a huge community due to several dapps built on its network. This makes it to be able to be tradeable in an upwards and downwards direction and still be able to profit those traders trading it. When the ontology market is trending in an upwards direction, that will be an indication that the market has previously experienced an oversold condition. This makes it to move upwards with small volume of buyers so that it profits with them and makes large volume of sellers to make some losses. On the other hand, when the ontology market is trending downwards, that will be an indication that the market has experienced an overbought condition. Because of this, the market moves downwards with small volume of sellers so that it profits with them and makes large volume of buyers make some losses. Since the market was able to show a possibility of a bearish market, the weekly price analysis for ontology can further be explained as follows;
1. Weekly ontology bearish price analysis based on traders behaviour
In a bearish market, the ontology
market will be moving in a downwards direction. On Monday the 27th of April, one ontology started trading at around $0.4978. By Tuesday the same week, the price had managed to go as low as $0.4550. This decrease in price has been due to the volume of buyers being more than the volume of sellers. Because of this, the market resist upward movement and gains a downward pressure and moves to $0.4550 as stated . This downward market movement for ontology is being indicated as from the candlesticks chart below;
The above is the ontology market in terms of USDT. Two points are being indicated. There is point A and point B. Before point A, the ontology market can be seen to be moving downwards all the way to $0.4550 from its higher price of $0.4978. This downward movement has been as a result of overbought market condition. This overbought market condition causes the market to gain a downward market pressure all the way to $0.4550 as stated above. At $0.4550, more traders are starting to sell some ontology in the hope that the market will continue moving downwards. This causes the volume of sellers to exceed the volume of buyers thus causing the market to resist to continue moving downwards and reverse to start moving upwards for a shorter period of time to point A at $0.4750. At point A, more traders again start to buy some ontology in the hope that the market will continue moving upwards thus causing their ontology holding to increase in value. This causes the buyers volume to again exceed the volume of ontology sellers thus causing the market gains a downwards pressure and moves downwards to point B at $0.4573. If the buyers will continue exceeding the sellers volume, then there is possibility of the market to continue moving downwards until Sunday where it can reach around $0.4000. This is the right time to sell and wait to buy again some ontology when the price reaches $0.4 since from there it will start moving upwards.
Summary
Ontology uses a delegated proof of stake consensus where users use their ontology to vote several validators to run the ontology network as well as to validate any transaction taking place on the ontology network. In return, they earn reward in form of ontology gas. When ontology market is moving downwards, that indicates that the volume of buyers are more than those of sellers while when it moves upwards, that indicates that the volume of sellers are more than buyers. The market was able to show a downward trend since Monday where it has managed to reach around $0.4550 from it previous high of $0.4978 on Monday. This downward trend can continue until Sunday this week if this will continue. Sell now and wait to buy at around $0.400
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