Ontology EVM Contract Development successful, but ONT stalls; what’s ahead?

Ontology ONT EVM contract development Bitcoin
“Despondent wait” by Photosightfaces is licensed under CC BY-NC-SA 2.0

Key Ontology Takeaways:

  • Ontology Network launched EVM contract development testnet.
  • ONT token didn’t gain in response and consolidated instead.

YEREVAN (CoinChapter.com) – Ontology Network (ONT), a project atop Ethereum that specializes in digital identity and data, still failed to put green candles on the charts. The halt came in contrast with the successful release of the EVM (Ethereum Virtual Machine) Contract Development testnet.

The network tweeted the news on Thursday, offering details on the development. The blockchain launched the “Ontology Security Vulnerability and Threat Intelligence Bounty Programme” in collaboration with code auditing agency SlowMist.

In detail…

…the Ontology’s EVM Contract Development strives to protect private data and provide more security to the developers working in the EVM system. The network claims that the developers can simply connect to Ontology’s APIs (Application Programming Interface) and continue working on their EVM-based dApps.

The second testnet of the EMV contract development series launched on September 9. At the time Ontology set up a “bug bounty”, where developers could earn rewards by identifying and reporting any breaches in security. The bounty was officially dubbed as “Ontology Security Vulnerabilities and Threat Intelligence Bounty Programme”.

Fast forward to the latest announcement, Ontology described the EVM Contract Development process, providing a demo and various details on defining contract events and document preparation.

Also read: ETH forms bullish technical setup amid unsuccessful Ethereum attack attempt

Despite the successful testnet launch, the native token ONT didn’t seem to reflect the coup.

ONT daily chart

Rather than following the developments on the network, ONT copied Bitcoin’s price action during the past two weeks. As the alpha crypto enjoys a heavy influence on the altcoin market, smaller coins often follow in its footsteps copying the BTC patterns.

The ONT daily chart has been identical to Bitcoin’s and even flashed a looming death cross. In hindsight, that formation occurs when any short-term moving average (MA) slips below a long-term MA. Should the consolidation continue, the 20-day exponential MA (EMA-20; blue wave) could possibly dive lower than the 50-day simple MA (SMA-50; red line).

Ontology (ONT) consolidated around the $1 level. Source: ONTUSD on TradingView.com
Ontology (ONT) consolidated around the $1 level. Source: ONTUSD on TradingView.com

A death cross promises a bearish period ahead, but it will reverse itself into a golden cross once ONT scores more gains. For the time being, the positive developments on the blockchain didn’t do much to boost the digital asset. Possibly an uptrend on the Bitcoin market could do the trick.

Also read: Bitcoin inches up as BTC traders flip bullish on the back of positive CPI data

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