Could ONT Repeat its January Collapse?
The Ontology (ONT) has experienced a 12.0% increase, reaching $0.3480 for the week. On Monday, the token performed even better with a 14.0% gain, reaching $0.3540 before encountering resistance and retracing.
In February, ONT achieved substantial gains of 57.0%, approaching the resistance of the ascending channel. However, caution is warranted as the market sentiment appears euphoric, and greed levels are elevated. It's worth noting that a similar jump on December 31 resulted in a subsequent collapse to $0.2000 in January.
Given the absence of internal news to sustain its rally, ONT may face a retreat in the current market environment.
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