- Harmony is growing up on the charts with gradual bullish momentum
- The token is climbing along with some minor rejections along the way but only getting recovered after
- It has grown by over 8% since yesterday, and the weekly performance has been up by 9.8%
Good days are ahead for Harmony as the token sees a steady growth enjoying for months. The rise in its market price started in July, and it never stopped. After October’s market correction, the MP did come down by 20% but just recovered afterwards. The market cap has increased by 4.9%, followed by its trading volume incrementing by 1.67%.
The token’s pairing with dominant cryptocurrencies also saw a rise in the prices during the intraday session while curating this article. The ONE/ETH pair equals 0.00006574 ETH, an intraday gain of 2.77%, followed by the ONE/BTC pair evaluated at 0.000004655 BTC with an increment of 0.68%. The volume/market cap ratio stands at 0.07251. The current price is near its yearly high compared to its low, which is a good indicator of bullish momentum. The yearly-high price may act as the ultimate resistance.
The chart above carries the token in one-hour time frame candles. The formation of a cup and handle pattern before the current market price candle is an indication of a bullish trend and the token may not experience any reversal. The token is also trading above the EMA lines. The breakout can be confirmed from the intersection of the 200 EMA line and the candlesticks.
Earlier, these lines were only present above the candles and got intersected when the price peaked. The 50 EMA line was below the other lines for most of the time but came up to its original position, suggesting a strong buying support in the short term.
Harmony to continue the current bullish trend
The upward trend of Harmony can be confirmed more by observing the 4-hour time frame chart. This chart gives out a vast insight into which one can observe more trends over time. The MACD indicates a good buying zone as the blue MACD line is rallying above the signal line and zero level, suggesting continuity in the current trend. The RSI line graph suggests a neutral zone for now, and the relative strength of the token may grow but always has the risk of getting into the overbought zone and reduction in demand.
Resistance is at $0.3409 and $0.3619. Support levels are present at $0.2729 and $0.2972.
Conclusion- Harmony can achieve new highs if the trend continues. The token offers a good buying zone and one can consider it for short-term trading as well as a long-term investment after checking out the ROI. Nonetheless, it is advisable to invest only after conducting research and thorough analysis of an asset.
Resistance- $0.3409 and $0.3619
Support- $0.2729 and $0.2972