ONT is Likely to Continue Down
Ontology (ONT) prices dropped by 15.4% to $0.2000 this week, slightly recovering from early losses of 22.2% when the token hit $0.1850, the lowest since October 27, 2023. The support at $0.2000 has held the token from further decline, but it may not withstand the downside pressure for long. The entire crypto market is in red: Bitcoin (BTC) lost 2.2% to $65,200, and Ethereum (ETH) is down by 5.2% to $3410. Altcoins are also declining by 8-15%.
Global crypto pessimism started after a report of spot Bitcoin ETF fund outflows of $600 million and a hawkish stance by the Federal Reserve. Ontology has not generated any positive news to support the token. All eyes are now on the $0.2000 support level, which has allowed ONT to recover five times before. In a negative downside scenario, the token could fall further by 50.0% to $0.1000.
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