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Is ONE Crypto Price  Declining to Demand Zone?

2 Mins read

Harmony is a platform that avails a blockchain matrix to enable the formation and utilization of decentralized applications (DApps).

The network’s objective is to advance the performance of delegated applications by concentrating on random state sharding, which enables the generation of blocks in seconds.

Considering processing speed and validation, the Harmony mainnet purposes revolutionize block creation. By introducing the sharding process, the company decreased node validation times significantly.

To ensure the security of nodes and the validation process, Harmony introduced the Verifiable Random Function (VRF) for unbiased and random shard membership. This means that nodes and validators are assigned and reassigned randomly.

The project’s Harmony Presents program is an initiative that has an objective to support innovation and attract developers to the Harmony mainnet.

Harmony launched a new version of the proof-of-stake (PoS) consensus mechanism called effective proof-of-stake (EPoS), this technique allows simultaneous staking from hundreds of validators.

This consensus mechanism method was developed following the sharding concept used in the Harmony network.Unlike proof-of-work (PoW) consensus mechanisms, EPoS is designed for faster processing times and better scalability.

While PoW requires a lot of electrical and computing power, staking consensus methods rely on a large number of value holders, who become validators.

Harmony is also examining to improve the staking incentives to attract more node operators. Also, the Harmony Open Staking initiative enables interaction with the network and incentivizes stakeholders with the maximum amount of ONE token.

Can ONE Crypto Break Out of the Wedge Soon?

Harmony Crypto: Is ONE Crypto Price  Declining to Demand Zone?
Source: ONE/USD: BINANCE.1.D. by TradingView

The price action of the ONE asset was in an upward wedge before but the sides have flipped after facing resistance at $0.022000 and are exhibiting bearish features and the price can reach lower levels. 

Overall, it displayed poor performance in the past week, and past month, by 21.27% and 1.57% respectively, confirming a downtrend.

At the time of publishing, the Harmony crypto was at $0.01634 with an intraday decline of 3.37%. Therefore, if the price fails to manage the current level, then the ONE price could slump and show bigger depths in the price. The current support is at $0.01400.

On the flip side, if the buyer’s accumulation increases and shows sustainability in the market, the ONE price can extend its leg upwards and the possible resistance could be $0.02000.

The ONE crypto asset is showing bearish steam and the RSI is declining steadily, as it is still heading toward the 30 levels and facing a downkick from 14 SMA. The 14 SMA is at 55.96 and the RSI curve is at 45.08. This indicates that the Harmony asset is not gaining steam and can continue to drop lower.

The ONE crypto asset is in a strong decline as the MACD oscillator is showing a bearish crossover, where the MACD line is taking rejecting from the signal line. The MACD is at 0.00015738 and the signal line is at 0.00069886.

The ONE asset is showing bearishness and falling potential as it declines below all of the major trend EMAs, which is influenced by the seller’s surge.

Harmony Crypto: Is ONE Crypto Price  Declining to Demand Zone?
Source: ONE/USD: BINANCE.1.D. by TradingView

Summary

The price action of the ONE asset was in an upward wedge before but the sides have flipped after facing resistance at $0.022000 and are exhibiting bearish features and the price can reach lower levels. 

Therefore, if the price fails to manage the current level, then the ONE price could slump and show bigger depths in the price. The current support is at $0.01400.

Technical Levels

Support Levels: $0.01400

Resistance Levels: $0.02000

Source

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About author
Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
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