Ontology, the latest crypto project from Shanghai blockchain company OnChain, has experienced a week of falling prices with a 7.61% reduction over the past 24 hours alone. Ontology is currently trading hands at $4.67 at the time of writing, and has experienced a drop of 2.84% from prices seen 7 trading days ago.
Ontology was released on March 18, 2018 by the same company that birthed the Chinese-based blockchain, NEO. Ontology was created to be a distributed trust collaboration platform that would allow corporations and individuals to assess each other through a platform of identification and trust. The great thing about Ontology is that it is designed to be used by those that have no previous experience with blockchain systems as it has a simple implementation due to its modular nature.
The majority of blockchain systems are complex, however, Ontology has a case to be one of the most complex of them all to understand. For a more in-depth overview of Ontology, we highly recommend our “What is Ontology” guide.
Ontology is currently ranked 23rd in terms of overall market cap across the board, with a total market cap value of $706 million. This is almost $600 million lower than the all-time market cap high of $1.3 billion seen on June 7, 2018.
Ontology is a very young coin trading for only a short few months. This makes it difficult to provide any long term technical analysis. However, we can provide short-term analysis of where the market has been and where it is likely to head toward.
Let us analyze Ontology’s market action over its short lifespan.Price Analysis ONT/USD – SHORT TERM – DAILY CHART
Analyzing price action for Ontology over the short run, we can see that the market had experienced a bullish run starting from a low of $1.74 on April 1, 2018, extending all the way to $12.30 on May 3, 2018. This was a price increase of over 130% from low to high ove...