Harmony price analysis: The ONE Coin is about to retest key $0.10 mark after a 6-month absence

• Harmony coin has been disappointing since February 10 and the bears are trying to pull back the price to the crucial level of $1.0.
• Today the One price breached the 0.5 ($0.13-level) of Fib retracement and is moving towards the 0.618 ($0.10-level).
• The ONE coin price with the Bitcoin pair is negative by 12.10% at 0.000003214 satoshis.

Harmony coin price is performing poorly below a sloping trendline after forming a double top formation in the context of the daily price chart. ONE currency was trading sideways near an important support level ($0.17) which turned into a resistance zone for ONE holders. Over the past 3-weeks, ONE Coin has represented solid bearish red candles. However, the ONE Crypto is trading at $0.1131, which is down 14.3% at the time of writing.

The Harmony coin price saw a 72% positive change in the reading volume, over the past 24-hours. For the past several days, the volatility maintained in the ONE coin price. However, the volume to market capitalization ratio is 0.1685. Meanwhile, the Harmony coin price with the Bitcoin pair is negative by 12.10% at 0.000003214 satoshis, as well as the ONE/ETH pair price is trading at 0.00004765 ETH.

After noticing the double top structure, the bulls showed some recovery phase near the neckline, but after slipping below the 200-day moving average (Red), the Coin saw sharp-selling. However, the current price is far above the 20,50,100 and 200 MAs with respect to the daily price chart. Furthermore, the Coin has immediate support at $0.10, and the resistance sits at 0.17 (near the neckline of Double top).

Bulls may act aggressively near the demand zone 

The relative Strength Index has been underperforming below the downwards trendline since mid-January. At the time of writing, the RSI is dipping into the extreme oversold territory in terms of the daily price chart. Furthermore, the average directional index is moving upwards, reflecting the strength in bearish momentum.

Conclusion  

Bulls need to sustain the Harmony coin price above the crucial support level of $0.10. If bulls fail to protect themself above vital support, they could be the victim of more bloodbath.

Resistance level- $0.10 and $0.07

Support level- $0.16 and $0.22

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.