Ontology (ONT) gained 20% against both USD and Bitcoin after the announcement from binance of Ontology Gas (ONG) listing.
What’s Ontology (ONT)? Ontology provides new high-performance public blockchains that include a series of complete distributed ledgers and smart contract systems, and at the same time supports public chain customization and chain network collaboration, while continuously providing common modules in various distributed applications.
What’s Ontology Gas (ONG)? ONG is Ontology’s second functional cryptographic token. ONG is designed to be used solely on the Ontology network, which is required as virtual crypto “fuel” for using certain designed functions on the Ontology network. The total supply of ONG is 1,000,000,000.
As we can see from this tweet, dated 15 Feb 2019 – 1:33 AM, Binance officially announced the listing of ONG on its exchange, where ONG/BNB, ONG/BTC and ONG/USDT trading pairs will be accessible for trading from the 2019/02/16 10:00 AM (UTC).
As always, a Binance listing is like a “Manna from Haven” providing huge gains on the first day of listing. Since its ICO, Binance had built such a reputation, that investors and traders see every listing on its platform as a symptom of reliability and trustworthiness for the designated cryptocurrency.
Why Gas, Why ONG? In the blockchain space, we have seen different projects with a “fuel” token, like for example NEO and its GAS Token.
In an interesting piece of news, it’s described the advantages of having a Gas token, as prevention from malicious attacks and fake volumes that could happen on the network if it wouldn’t have this future. Have a look Here for the complete article.
Apart from the Binance listing, Ontology had also some news on its own announcing its plans with award-winning game developers ParityGame to co-develop a game platform using Ontology open-source technology.
As stated from Ontology Team: “ParityGame’s first VR blockchain-based game “The Isolated City” will be launched on Ontology. The game is built with Unreal Engine 4 that supports DX11, PhysX, APEX, and NVIDIA 3D technology, which brings ultra-high definition image quality.”
On the price point of view, we already said that ONT coin had a huge spike of roughly 20% as we can see in the chart below:
Following the chart above, we can notice that the price stopped at the 0.382 Fibonacci Level around $0.68 USD, retracing below the 61 EMA on the daily chart.
Considering the Ontology’s news & developments and the substantial volume of $15 Million USD on Binance just today, we might expect some bigger price movements in the upcoming future.
But to have that, we need to see a constancy in good trading volumes on the different exchanges. For possible support levels, we can keep an eye on the $0.6268 level and for the next resistance, if the price passes again $0.6720 level, we can see it around $0.7300 USD.
What do you think about Ontology and ParityGames junction? Let us know below in the comment section and remember that this is not financial advice but our personal opinion about the projects and their development.
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