ONT/USDT Update: Using 0.6 Fib as new support. Target still 8$ONT did break out of the narrowing wedge in yellow.
Since then ONT blasts off eyeing for new ATH.
On the way we got a bigger pullback in April and according to Fibonacci retracement levels we've found support around the 0.6 level.
Currently we are moving through the 0.3 level which indicates more upside movement.
In addition the volume overall keeps increasing and we are still far away from our target around 8$.
This pullback nearly did send us back below to oversold area.
Basic rules:
- Never buy the top/ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place
Enjoy the ride and don't be too greedy.
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ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Yellow lines are for visual help only.
Boxes:
- Either entry zone or support zone. Check the description.
