- The ONE token price delivered 90% positive returns in the last six months.
- The current market price is moving above the 50-day and 200-day EMAs.
Harmony (ONE) is designed to facilitate the creation and use of decentralized applications (dApps). It focuses on random state sharding, allowing blocks to be created in seconds. This platform is on a mission to find innovative ways to revolutionize the way decentralized applications (dApps) work. Harmony introduced the Verifiable Random Function (YRF) to ensure the protection of nodes and secure the validation process.
ONE Token Price Has Shown a Bullish Reversal from September 2023
The ONE token price rallied more than 200% from the $0.00946812 on December 30, 2023. It created a positive sentiment in the face of crypto investors. The price reached the $0.02971827 resistance or former supply zone.
Consequently, the ONE token price made a bullish correction after getting a reaction from the $0.029718227 resistance level. It retraces over 70% above the $0.01435039 support level and fails to fulfill traders’ expectations.
Conversely, the 200-day EMA also became a significant resistance to the ONE token price. It declined more than 70% to the $0.00773038 extreme support level. That allows bulls to enter for the long positions.
And the current rally, which started in October 2023, is a consequence. Recently, it made a demand level of $0.01435039, preventing and boosting the current market price. Additionally, the all-time high price has been set to be $0.3798.
Technical Analysis of the ONE Token Price
The 50-day and the 200-day EMAs play essential roles in maintaining the ONE token price. Recently, both EMAs had a crossover, resulting in an advance of 70%. Currently, the price has rebounded positively by both the EMAs.
The ONE coin price moved 60% to the $0.02314555 immediate resistance level. Afterward, it fell to the buyers’ point of interest at the $0.01435039 support level, which is currently leading the price in an upward direction.
At press time, the price is trading at the $0.019294463 level. In the last two sessions, it formed bullish candles at $0.01676331, unveiling buyers’ presence in the rally. It is moving toward the $0.02314555 resistance and can break above it.
Furthermore, the relative strength index (RSI) shows internal bullish divergence, a positive reflection of the buyers. The momentum seems strong at the current trading phase, with a slope of 73.72 above the upper band.
Conclusion
The ONE token price has been trading in an uptrend since November 2023. It made a strong demand zone at the bullish crossover point of the 50-day and the 200-day EMAs. The current rally has respected that zone very well. It is moving to the $0.02314555 resistance level, which may soon get broken.
Technical Levels
- Resistance Levels: $0.02314555 and $0.02806327
- Support Levels: $0.01302639 and $0.00947996
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading stocks comes with a risk of financial loss.