TradeCityPro | ONG: Daily Momentum and 4H Futures Triggers👋 Welcome to TradeCityPro!
In this analysis, I will examine the ONG coin, a key project within the Ontology ecosystem and a foundation for other projects within this ecosystem.
📅 Daily Timeframe: Loss of Momentum After a 100% Rally
In the daily timeframe, we observe an accumulation box from $0.2504 to $0.3551. After the last rebound from the $0.2504 support, the price experienced a 100% growth to the resistance at $0.5392.
🔽 After reaching this area, the market momentum completely shifted, and the price fell first to $0.3551 and is now at $0.3002. We can now say that the bullish momentum has dissipated, and for the price to increase again, it needs to build a new structure.
🔍 If further declines occur, breaking $0.3002 would be a suitable trigger. For confirmation of bullish trends, breaking $0.3551 is appropriate, but I will discuss these triggers more in the 4-hour analysis.
📊 The volume for this coin is generally low, which, as you can see, creates many shadows making futures trading challenging. Currently, the volume is also gradually decreasing.
🔼 If $0.3551 breaks and the RSI surpasses 50, the price could move higher. The targets for this move are $0.5392 and $0.7393.
📉 If $0.3002 breaks, the next supports are $0.2504 and $0.2170.
⏳4-Hour Timeframe: Futures Triggers
In the 4-hour timeframe, we can see price behavior in more detail.
✨ After the second bearish leg from $0.4071 to $0.3002 and a fake break of this support, the price formed a range box and we can also observe a descending trend line.
🔽 For a short position, if $0.3002 breaks, consider opening a short position. The target for this position is $0.2602. However, a floor above this zone at $0.3100 presents a riskier trigger, and if this area breaks, you could open an early short position. A break of 41.06 aids the entry of more bearish momentum and further market decline.
📈 For a long position, first wait for the descending trend line to break. In this case, you can use the trend break trigger or wait for a break of $0.3564. The target for this movement is $0.4071. The next trigger for a long position is a fake break of the $0.3002 support, which has already happened once and managed to keep the price above it. In case of another fake break, you could open a position with an engulfing candle or another pattern trigger.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
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