Ontology is a native coin of ontology network whose transaction takes place from one ontology smart contract address to another without involvement of a third party thus is being considered to be decentralized. Ontology uses a delegated proof of stake consensus. Because of this, the delegators delegate their ontology coin to several validators who will use the coin to secure the ontology network as well as to validate transactions taking place on the ontology network thus in return, they receive reward in form of ontology gas. As an ontology delegator, the more your voting power the more reward you will receive. On Monday the 23th of March, one ontology started trading at around $0.34426. On Tuesday the same week, the price rises all the way to around $0.3923 followed by a slightly drop to around $0.3706 . On Wednesday, the price rises again to above $0.3706. Since the price has managed to maintain above $0.34426 since the beginning of Monday, there is possibility of the market to continue being bullish until next week on Monday. This price movement will be as a result of traders behaviour which can further be explained as follows;
Traders behaviour
Ontology coin has a huge community of traders due to its listing on several exchanges . Because of this, it is well tradeable in both upwards and in a downwards direction by its community of traders and still makes them to be profitable. When the ontology market is moving upwards, that will be an indication that the number of traders selling it are more than the number of traders buying it . This will make it to move upwards with few buyers so that it profits with them and makes many sellers make some losses. On the other hand, when the ontology market is trending downwards, that will be an indication that the number of buyers are more than the number of sellers. Because of this, the ontology market will gain a downwards pressure and moves downward with few sellers so that it profits with them and makes many buyers make some losses. Therefore, since the ontology market has been moving upwards since the beginning of this week, the market can then be considered to be bullish until next week. This will further be explained as follows;
1. Weekly bullish ontology price prediction based on traders behaviour
In a bullish market, the ontology coin will be considered to be moving in an upwards direction. Since Monday the 23th of March, one ontology started trading at around $0.34426. By Tuesday the same week, one ontology rises all the way to around $0.3923 which was followed by a slightly dropped to around $0.3706. This is 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 upwards to $0.3923 from its low price of $0.34426 on Monday. This increase in price has been due to the number of sellers being more than the number of buyers thus causing the ontology market to gain an upward market pressure where it moves upward with few number of buyers . The number of buyers then exceeds the number of sellers thus causing the market to resist to continue moving upwards and reverse downwards where it slightly moves downwards to point A at around $0.3706. At point A, the ontology sellers exceeds the ontology buyers again thus causing the market to gain an upward support again and starts moving upwards again to point B at above $0.3876. If more sellers will continue selling their ontology coin due to market fear pressure of moving downwards and devalue their holding, then the market will continue moving in an upwards direction until next week on Monday. There is possibility of the market to move at around $0.4500 after which it will reverse and starts moving downwards. As an ontology holder or trader, this is the right time to buy and continue holding for one week. Can buy at current market price of around $0.3706 and wait for the market to reach around $0.4500 so that you sell in order to make profit. Make sure to apply risk management while purchasing a given amount of ontology with your USDT balance since cryptocurrency market is a highly volatile market.
Summary
Ontology is a native coin of ontology network where one smart contract address must pay some ontology gas in order to send their ontology to the second smart contract address. The transaction will be initiated by validators running the ontology network. The delegators vote for several validators using their ontology coin so that they use them to secure the network and validate transactions taking place on the ontology network. Towards the beginning of this week, one ontology started trading at around $0.34426. By Tuesday the same week, the price managed to rise all the way to around $0.3923 but later dropped to around $0.3706 on Wednesday. This increase in price has been due to the number of sellers being more than the number of buyers thus causing the ontology market to move upwards with few number of buyers. Therefore, we can say that when the number of buyers exceeds the number of ontology sellers, then the market will move downwards while when the number of sellers are more than the number of buyers, then the market will move upwards.
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