Ontology was founded by Li Jun and has received technical support from several members of the Onchain developer team during the initial development of the platform.
The establishment of Ontology is considered a high -performance open source blockchain which is more specialized in decentralized digital identities and data.
The unique infrastructure available on Ontology can support cross-chain collaboration and Layer-2 scalability as well as offer flexibility for businesses of all sizes to install blockchain technology in their companies.
In June 2018, Ontology launched their mainnet and now operates separately from the NEO blockchain.
Judging by the ONT/USDT chart, the ONT price movement once exhibited a jump of over 500% to record an all -time high (ATH) at the price level around $ 2.95 on May 7, 2021.
Yet connecting to the market opening on May 8, the ONT price continued to decline until it reached its lowest support level in 5 months around $ 0.55- $ 0.60.
The ONT price movement also remained moving slowly above the support level of $ 0.55- $ 0.60 and still did not show any clear pattern for the direction of the next movement towards the June market close.
If the price movement remains bearish, the support level of $ 0.55- $ 0.60 is seen to be the focus level to be broken before continuing the downtrend.
The lower decline is expected to lead to the resistance level around $ 0.40 which is also the price level at the opening of the 2021 market.
On the other hand, if the ONT price movement manages to return to the uptrend, the SBR (support become resistance) level of $ 0.80- $ 0.85 will be tested first before the price is expected to jump higher.
If the ONT price continues to gain consolidation, the next SBR level around $ 1.10 will be targeted and will indirectly give a strong signal to make a trend change.
As of 4.00pm local time, the ONT price made a slight jump of around 3% to trade at the $ 0.64 price level.
