ONT Technical Analysis: Suspicious Calm Dormant Volcano

The situation in the ONT market has significantly deteriorated since 17th January. However, it won’t be right to say that the situation was good before. Starting from May 2021, buyers have lost the initiative in the market. Investor interest has fallen significantly and this is clearly seen in the trading volumes. However, there was still hope for a bright future. Why? Buyers controlled the main trend line, below which the ONT price has not fallen since March 2020. https://www.tradingview.com/x/HJkfj3yk/ During the trading week of 17 January, this trend line was won by sellers. Looking at the trading volumes and the fullness of the weekly candle, there was no struggle. Since then, the ONT price hasn’t been able to grow above the $0.63 mark. In fact, the ONT price has been trading below the global trend line for 4 months in the form of correction. At the same time, trading volumes are the lowest for the last year. This position of buyers clearly shows at least the unwillingness to form a new wave of growth. While the $0.63 mark is under the control of sellers, we expect the ONT price to continue falling with the first target of $0.35. This mark is the previous local low from December 2021. If sellers meet resistance in this mark – this will confirm the slowdown in the downward trend. In this case, the first target for a price rebound will be at $0.45. But, for the complete reversal of the market, the importance of taking contro...