What's next for Ontology Gas?
Key Takeaways
- Bitget announced the listing of Ontology Gas’s ONG token.
- Users can participate in mining activities by staking their tokens on PoolX until May 4.
- One price prediction expects it to reach $5.00 in 2025.
The cryptocurrency exchange and Web3 company Bitget has unveiled the addition of Ontology Gas’ token, ONG, to its PoolX platform in 2024. Positioned within the Innovation Zone’s public chain sector, ONG promised lucrative incentives exceeding $20,000 for users engaging in token staking.
Users actively participated in mining activities by staking their tokens on PoolX. The mining period ended on May 4, 2024.
Ontology Gas did not respond to a request for comment.
Let’s take a look at our Ontology Gas price predictions, made on July 17, 2024. We will also examine the Ontology Gas price history and talk a little about what Algorand is and what it does.
Ontology Gas Price Prediction
Let’s examine some of the Ontology Gas price predictions CCN made on July 17, 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate.
| Minimum ONG Price Prediction | Average ONG Price Prediction | Maximum ONG Price Prediction | |
|---|---|---|---|
| 2024 | $0.31 | $0.73 | $0.76 |
| 2025 | $0.74 | $0.83 | $0.89 |
| 2030 | $2.33 | $2.51 | $2.59 |
Ontology Gas Price Prediction for 2024
If the positive momentum continues and ONG breaks above its moving averages, it could reach targets between $0.31 and $0.76 by the end of 2024, with the average price set at $0.73.
Ontology Gas Price Prediction for 2025
Technical analysis suggests a potential increase for Ontology Gas in 2025. The minimum ONG price expected for 2025 is $0.74 while the maximum one is $0.89. On the other hand, the average forecast suggests it may reach $0.83.
Ontology Gas Price Prediction for 2030
Based on technical analysis, the ONG token may reach a maximum level of $2.59 at the beginning of the next decade, while, in the worst scenario, it may go to $2.33. Meanwhile, the average expected price is $2.51.
Ontology Gas Price Analysis
ONG has recently broken through the upper boundary of a descending trend channel it established over the medium to long term. This breakout suggests a potential deceleration in the coin’s downward momentum, potentially marking the beginning of a more sideways, consolidative phase.
Currently, Ontology Gas is encountering resistance around the 0.35 level. This resistance point is crucial: a failure to break above it may result in a pullback, reinforcing bearish sentiment.
However, should ONG manage to decisively breach the 0.35 level, it would generate a bullish signal, indicating potential for further upward movement and a possible trend reversal. Monitoring trading volume and other technical indicators at this juncture will be key to confirming the strength and sustainability of this potential breakout.
Short Term Ontology Gas Price Prediction
Our price prediction for Ontology Gas for the next 24 hours sees 5.1% increase, with an acceleration for the next month, projecting the price to reach $0.358076 by August 16, 2024.
Technical indicators currently suggest a Neutral sentiment, while the Fear & Greed Index stands at 69, indicating a state of Greed.
Over the past 30 days, Ontology Gas has experienced 15 out of 30 green days (50%) with a price volatility of 8.05%. Based on this forecast, now appears to be a favorable time to consider purchasing Ontology Gas.
Ontology Gas Relative Strength Index (RSI): Is ONG Oversold or Undersold?
Ontology Gas Price Performance Comparisons
How Do We Make an Ontology Gas Price Prediction?
Our price prediction for Ontology Gas combines technical analysis tools and recognizes the logic in price cycles. We usually use the Relative Strength Index, Fibonacci, and other main technical analysis tools . Applied to the Ontology Gas-specific time-frames and its price history, we can come up with the targets, but the further we project, the less accurate they are. This is because they depend on what happens in between.
Best Days and Months to Buy Ontology Gas
We took a look at the Ontology Gas price history and found the times when the price was at its lowest across certain days, months, quarters and even weeks in the year, indicating the best times to buy ALGO.
| Day of the Week | Saturday |
| Week | 7 |
| Month | February |
| Quarter | First |
Ontology Gas Price History
Following that, let’s now take a look at some of the key dates in the Ontology Gas price history . While past performance should never be taken as an indicator of future results, knowing what the coin has done can help give us some very useful context when it comes to either making or interpreting an Ontology Gas price prediction.
| Time period | Ontology Gas price |
|---|---|
| Last week (July 10, 2024) | $0.3161 |
| Last month (June 17, 2024) | $0.3329 |
| Three months ago (April 17, 2024) | $0.5620 |
| One year ago (July 17, 2024) | $0.2401 |
| Launch price (August 24, 2018) | $1.3061 |
| All-time high (May 21, 2021) | $2.4562 |
| All-time low (March 13, 2020) | $0.0585 |
Ontology Gas Market Cap
The market capitalization, or market cap, is the sum of the total number of ONG in circulation multiplied by its price. On July 17, 2024, Ontology Gas’ market cap was $133.3 million, therefore making it the 310th-largest crypto by that metric.
Ontology Gas Supply and Distribution
| Supply and Distribution | Figures |
|---|---|
| Maximum supply | 1,000,000,000 |
| Circulating supply (as of July 17, 2024) | 385,590,000 (38.6% of maximum supply) |
From the Ontology Gas Whitepaper
The Ontology Gas (ONG) functionality isn’t covered in a separate whitepaper but is detailed in the Ontology whitepaper . It says Ontology Gas “acts as the fuel for the Ontology network. It’s used to pay for transaction fees and other costs associated with running applications and services on the Ontology blockchain.
“Ontology Gas helps maintain the Ontology public chains and those built on its framework. It also facilitates interaction between different protocol groups within the network.”
Ontology Gas (ONG) Explained
Ontology Gas (ONG) is one of the two tokens enabling the Ontology network. ONG is distributed on a pro rata basis when ONT is staked and is required to cover on-chain transaction fees. It can be stored in the Ontology wallet and is further integrated in the respective ecosystem. Ontology network is an open-source blockchain specializing in decentralized identity and data. Ontology’s infrastructure supports robust cross-chain collaboration and Layer-2 scalability, offering businesses the flexibility to design an enterprise blockchain that suits their needs.
How Ontology Gas Works
ONG operates as the value-anchoring utility token for on-chain applications and transactions. This approach mitigates the risk of turbulent fluctuations in the native asset value, ensuring a stable and efficient ecosystem.
Is Ontology Gas a Good Investment?
It is hard to say. The coin has been around for about six years now and, despite coming out in September 2018, its price has decreased notably since its launch.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in Ontology Gas.
Will Ontology Gas go up or down?
No one can really tell right now. While the Ontology Gas crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Should I invest in Ontology Gas?
Before you decide whether or not to invest in Ontology Gas, you will have to do your own research, not only on ONG, but on other, related, coins and tokens such as Ethereum (ETH) and Solana (SOL). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
FAQs
Will Ontology Gas reach $10?
It might, but not soon. According to price predictions based on technical analysis, ONG may reach a double-figures level in the next decade.
Whats is Ontology Gas used for?
Ontology Gas (ONG) operates as the value-anchoring utility token for on-chain applications and transactions.
