Harmony Price Analysis: Will the ONE Coin Price Hit $0.0087 Mark?

• Harmony proposes minting $4.97 Billion tokens to reimburse victims.
• ONE price trading at $0.00981 with a loss of 0.20% during the intraday session.
• The year-to-date return of ONE coin is -2.39% and the three-month return is -22.61%.

Harmony (ONE) is an open-source blockchain that creates decentralized apps (DApps). One Coin is a Bulgaria-based cryptocurrency scheme regulated by OneCoin Ltd. Recently, the Harmony blockchain project team has presented the minting of $4.97 Billion worth of its ONE token. It was initiated to reimburse victims of the $100 Million Horizon Bridge hack in June. 

Harmony’s price is trading at 0.00981 with a 24-hour trading volume of $5.56 Million. 

The ONE token price witnessed a loss of 0.20% during the intraday session. The current circulating supply of ONE coin is $13.53 Billion and a max supply of $13.16 Billion.

After achieving an annual high of 0.03, the ONE coin price dropped towards the support level of $0.015. However, at the $0.015 mark, the price felt intense pressure from the buyers. A bounceback was observed, which halted at the $0.025 resistance level. The bullish momentum did not sustain for a long time.

The ONE token price has been experiencing a downtrend since April 18, 2023, while forming lower lows and highs. That downtrend pushed the price near the $0.0094 support level. 

However, the price action caught the bullish momentum again to recover the losses at the start of June. The token price was halted at the $0.014 resistance level due to the lack of buyers.  

Bearish momentum occurred due to the vigorous presence of sellers in the market, which shattered the price toward the support level of $0.0087. Recently, the ONE price has faced a correction phase that elevated the price towards the $0.0103 resistance level. 

Will ONE Price Retest The Annual Low?

The OneCoin price is hovering below the 50, 100, and 200-day EMAs, indicating the vigorous presence of sellers in the market. However, the 20-day EMA is contesting, suggesting slight strength during the intraday session.

The RSI is at 48.55, denoting slight strength in the market. The RSI is suggesting that the price might face a pullback soon. The CMF scores at 0.00, indicating neither strength nor weakness. The price might consolidate. 

Conclusion 

The market structure of the Harmony token’s price has melted downward over the past two days. It suggests that the coin price might retest the annual low in the upcoming time. On the Contrary, if bullish sentiment rises, the price might surge towards 0.011. 

Technical Levels 

Major resistance: $0.03000 and $0.02806

Major support: $0.0094 and $0.0087

Disclaimer

The views and opinions of the author or anyone in this article are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss.