Time for another token deep-dive. Today, I assess Ontology Gas $ONG.
Join me for a thread about fundamentals, chart analysis, social assessment, and trade setups.
Ready? Let's go!
Overview
Here's a complete overview of what you discover in this thread:
1 — About Ontology Gas
2 — Tokenomics
3 — Chart Analysis
4 — Technical Indicators
5 — Social Analysis
6 — Sentiment Analysis
7 — Funding Rate
8 — Long/Short Ratio
9 — Trade Setup
10 — TL;DR
1 — About
$ONG is the utility token used to pay for transaction fees and network services on the Ontology blockchain.
▸ ONG is generated through staking the main Ontology token, $ONT.
▸ It is essential for performing on-chain operations like smart contract execution and transfers.
▸ Moreover, it plays a key role in maintaining the network’s functionality & ecosystem.
2 — Tokenomics
Let's have a quick check of the most essential token figures:
▸ Market Cap: 122M
▸ Market Cap Rank: 315
▸ 24 Volume: 13.5M
▸ Volume Rank: 274
▸ Circulating Supply: 374M (37.4%)
▸ Total Supply: 1B
3 — Chart Analysis
$ONG has been consolidating since July while the price bounced between 0.25-0.35. Since September, ONG has entered an uptrend, making higher lows and highs!
However, so far, the token couldn't break above the resistance at 0.33 sustainably.
Overall, the chart shows a bullish setup!
4 — Technical Indicators
Indicators show a mixed picture, which is typical for a token switching from consolidation to bullish.
▸ The MACD is about to turn bullish after the latest bearish crossover triggered by last week's sell-off.
▸ RSI is neutral
▸ Volume has been perfectly increasing since the start of the uptrend.
▸ The price trades below the EMA 200, sitting almost at the resistance level.
Overall, technical indicators print a neutral picture, ready to flip bullish.
5 — Social Analysis
Overall, $ONG shows positive social relevance.
The amount of mentions has been increasing since mid-September (except for a d at the end).
Especially, since the start of October, ONG's relevance has more than doubled!
The social relevance clearly shows a bullish development.
6 — Sentiment Analysis
$ONG's sentiment remained very positive level for the entire observed period (one month).
However, during that time, the token has seen an increase in positive sentiment from ~85 to ~91. Accordingly, the token plays in the top league.
ONG's sentiment indicates another bullish momentum!
7 — Funding Rate
Although ONG's funding rate is still negative, it has improved lately.
While the average funding rate of the last 30 days was -0.0003627, it increased to an average of -0.0001316 over the previous 3 days.
Given the positive momentum, there's a huge chance a positive funding rate flip shortly!
8 — Long/Short Ratio
When looking at the open positions, ONG shows a strong bullish picture.
While only 37.5% of open positions are short, 62.5% are long positions.
ONG's long/short ratio can be considered bullish but healthy!
9 — Trade Setup
The resistance at 0.33 plays an essential role in a trade setup. ONG should break through this level and confirm it on a higher timeframe.
On top of that, the move should be driven by increasing volume.
If that happens, the following setup seems reasonable:
▸ Entry: Break above $0.33
▸ Target 1: $0.36 (~10%)
▸ Target 2: $0.44 (33%)
▸ Stop Loss: Slightly below $0.30
10 — TL;DR
$ONG shows a bunch of bullish signs, including the chart setup, positive social momentum + sentiment, funding rates, and long/short ratio.
A trade entry seems reasonable once the resistance at $0.33 is broken, with profit targets at $0.36 and $0.44.
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