- An intraday decrease of 3.51% has been observed in the Harmony price.
- Technicals suggest bearishness in the current trading phase.
- An increment of 14.57% has been observed in the ONE token trading volume in the last 24 hours.
Founded in 2017, Harmony (ONE) is a blockchain platform with a primary focus on random state sharding. This allows the creation of blocks in seconds which helps in innovating the work in decentralized applications (DApps). Harmony uses a Verifiable Random Function (VRF) for unbiased and unpredictable shard membership. It helps the blockchain to secure the validation process and protection of nodes.
April 2024, Harmony Supply Changes, Valuation & Distribution
ONE has an uncapped maximum supply of tokens, which means the blockchain can have as many tokens as it wants. This can become one of many reasons behind future inflation in the crypto price. At present, 14.26 billion tokens have been created of which 13.91 billion are in current circulation.
The current market capitalization ranking under the top 250 most dominant cryptocurrencies across the globe. It has a current market cap of $264.53 million, and the full diluted valuation of Harmony is assumed to be at $271.12 million. 24-hour trading volume advanced over $8 million with a 14.57% increment.
ONE token is widely distributed in five basic categories in which Allocation of 22.4% to seed sale, 26.4% allocated to protocol development, 12.5% is for public sale, 16.9% is left for the team, and the remaining 21.8% is preserved for the ecosystem development. Harmony has an open staking initiative in which the project encourages interaction with the network and incentivizes stakeholders.
Price to Volume and Social Dominance Analysis
With an average social coverage of 14%, the cryptocurrency had a noticeable rise in early Feb 2024. That reflected a positive impact on the ONE token price, which has shown constant growth since then. The volume also rose along with the price, but a decline happened after Feb 2024. In a recent session, social media chatter about Harmony crypto slowly rose to 14.46%, which can have a positive impact on trading volume and price.
Technical Analysis Of Harmony (ONE/USD)
The short-term bearish outlook implies below the key exponential moving averages. The current market price slipped below the 50-day and 200-day EMAs, highlighting bearish sentiments.
ONE price faced strong resistance from the $0.0395 level after giving the breakout of the $0.0231 resistance level. The current price broke below the $0.0215 crucial support level and got some bullish responses from the $0.0168 bullish point of interest (POI). The price can fall to the $0.0143 demand zone if it slips below the $0.0168 level. For the continuation of the bullish trend, the price must close above the $0.0297 level.
The relative strength index (RSI) line is moving in correlation with the spot crypto price, indicating a neutral perspective. The RSI is moving at 33.96 below the SMA line.
Summary
The Harmony price has been facing strong selling pressure since March 12, 2024. The cryptocurrency has recorded over 35% decline during the monthly trading session. At the press time, the ONE price is at $0.0189. The price could fall to $0.0143 if it slips below the $0.0168 level. For the continuation of the bullish trend, the price must close above the $0.0297 level.
Technical Levels
- Resistance Levels: $0.0252 and $0.0346
- Support Levels: $0.0168 and $0.0130
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 any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.