Ontology is a comparatively recent public blockchain that enables businesses with almost no cryptocurrency expertise to incorporate blockchain solutions into their operations. The Ontology network allows users to create public blockchains for various applications, getting the best from blockchain technology. With the capabilities for decentralized applications, the Ontology framework is positioned as a direct rival to Ethereum.
The Ontology framework includes two tokens: the Ontology (OTN) and Gas token (ONG). With the introduction of the Ontology MainNet in2018, the Ontology Token was launched, and it acts as a kind of remuneration for users to the network. More information on ONG may be found as you read this blog.
Evolution of Ontology
OnChain, a Chinese startup, developed the ONT network in 2017. The OnChain crew launched the platform, which was led by specialists Erik Zhang, Jun Li, and Da HongFei. OnChain is also recognized as the developer of the NEO blockchain.
Source: Medium
Ontology’s history
Collaboration with the government
The network was created to allow companies to use blockchain technology without requiring significant modifications to their existing systems. The creators intended to ease the process of incorporating blockchain technology and make blockchain usage accessible to everyone.
No ICO
ICOs are by far the most popular way for new blockchain companies like Ontology to raise money. This platform, however, did not hold an ICO. Instead, the creators distributed ONT tokens for free (a practice known as “airdropping” in the crypto industry) to anybody who signed up for their weekly newsletters.
Source: MoneyCrashers
Collaboration with NEO
Because the same firm that created Ontology also created the NEO blockchain, they thought it would be good to link the two. They accomplished it by enlisting the assistance of the NEO community to promote Ontology and increase its acceptance. As a result, at the launch, they distributed free ONT tokens to all NEO holders.
Source: ReviewBrokersOnline
Primary applications of Ontology
Because Ontology has a dual-system system, its primary currency is the Ontology Token, abbreviated ONT. The ONT first went up for sale in the cryptocurrency market in the 1st quarter of 2018, and its supply will never exceed one billion coins. The rationale behind the one-billion-dollar limit is unclear. Nevertheless, it is thought that ONT was built primarily for private purposes and that ONT and NEO are intended to operate like slices of a shared tech stack.
Source: Blockchain Council
Furthermore, there are several properties reserved for the foundation, innovators, and fintech organizations. Because Ontology collaborated with the far more prominent NEO blockchain, the value of ONT has risen since its original introduction. Its price at the moment of the launch was a bit more than $2.50.
Source: FinanceMagnate
What exactly Is the ONT Coin?
The web demonstrates that the Ontology framework is targeted at the general public to prevent obstacles between the finance firm and the blockchain. The franchise sector may utilize Ontology and blockchain technologies with no prior understanding of shared networks.
Upon the Chinese’s creation of Ontology in 2017, there are still no methods for companies to incorporate blockchain into initial structures with no significant blockchain expertise.
In addition, the existing trust platforms suffer a lot of challenges. These are the blockchain capacities: Secured data value, ineffective identification, and inadequate privacy security.
Fundamental analyses
Mainnet was just launched, and work on the NFT platform and wallet improvements have begun. New collaborations are gaining traction. Staking and coin economy — Provision of 1,000mn ONT and ONG, with an ONT current circulation rate of about 63 percent and a market cap of $800 million. Its current price is $0.914. it has a trading volume of $108million while its circulating supply is 875 million ONT.
A buyback from the open market was just completed. There have been no burning incidents, and the supply is constant. Staking generates the ONG utility coin, which is transferable and then used to pay the gas charge.
Overall, the analyst believes that ONT/BTC has broken through a critical level; a retest is likely to affirm an S/R flip, enabling a retreat entry.
Ontology technical analysis
Ontology forecast on a weeklong technical signal indicates a significant price increase in the following days. The price has created a bullish engulfing pattern on the daily chart. Ontology resistance may be observed around the $1 mark as it rises. The price’s downward rebound area may be kept around the minimum price of $0.3.
Source: TradingView
What are the critical price levels for Ontology?
The critical prices level for ONT is $ 0.906515, $ 0.875308, and $ 0.835970 for support levels and $ 0.977060, $ 1.02, and $ 1.05 for resistance levels. Price breaches below such levels may signal more volatility soon.
Source: TradingView
Source: AnyCoinDirect
Ontology price predictions for 2021-2025
Below is our yearly forecast system for ONT predicted price. This forecast will give a price prognosis and act as a decision-maker to determine if ONT is a good investment.
Source: CryptoNewz
Ontology price forecast in 2021
Interestingly, according to Ontology cryptocurrency news and historical data, the past year may have been a watershed moment for the currency, as it has begun the introduction of PAX stable tokens on its deep learning-based blockchain platform. This will significantly accelerate the development of real-world commercial applications based on Ontology per year. By chance, the ontology price prediction may demonstrate a promising trend in terms of price growth, reaching a high of $1.80 by December 2021.
Source: TheNewsCrypto
Ontology price forecast in 2022-2023
With far more traders purchasing Ontology around 2021-2022, the price of ontology price prediction will rise rapidly, and its blockchain will be integrated into numerous apps.
According to our estimates, mass adoption will lead to an increase in price, and then by the end of 2023, Ontology price may be traded between $2 and $2.8.
Ontology price forecast in 2024-2025
Although analysts predict that the price of ONT cryptocurrency will reach a high of $5 in the future years, it’d be better to bet on it attaining the maximum price of $3 – $5 in the coming years to be on the safe side. The price is trading above the 50-day moving average but below the 100-day moving average. The price may shortly break through the 100-day moving average barrier.
Conclusion
A year after launching its mainnet, Ontology has established a virtual trust cooperation platform via ongoing technological progress. So far, Ontology has completed the first stage of its goal, which is to be ready for all companies, which bodes well for the price of ONT in the future.
Ontology, which is now trading just around $1, is a profitable opportunity for any investor who decides to take advantage of its cheap pricing and add some ONT to their portfolio. Based on the aforementioned optimistic indicators, it is evident that the coin’s price will increase in the following months.
FAQs
Is it worthwhile to invest in Ontology?
Before you invest in any crypto, it is advisable to do your own research and seek financial advice due to the risk involved. Ontology has 13/30 (43%) green days in the past 30 days. Investing in Ontology is presently unprofitable, based on our historical statistics. Ontology’s price has risen by 63.63 percent in the past year, but the coin’s three-year performance is -50.01 percent which makes Ontology a poor investment at the moment.
Is Ontology a smart investment in 2021?
ONT’s current prediction for 2021 is Oversold, based on several technical, analytical indicators. This may indicate that Ontology is a poor investment in 2021 due to the price drop envisaged.
However, before deciding whether or not to purchase Ontology, it is crucial to analyze both technical indicators (price history) and fundamental ones (on-chain action and growth). You can buy Ontology on the Binance Exchange website.
What factors influence the price of Ontology?
ONT’s price movement, like that of any asset, is determined by supply and demand. Important events like Ontology halvings may have an impact on these processes. Regulations, corporate and government adoption, crypto exchange cheats, and other real-world events may all affect the price of ONT.