The respite from Bitcoin is sparking positivity throughout the crypto market. Several tokens related to decentralized finance (DeFi) are benefiting the most, and Harmony (ONE) is standing out with a gain of 13.48% in the last 7 days.
At the time of writing, the ONE token is trading at $0.337, and is down 2.24% during today’s session.
Its market capitalization is $3,938 million, making it 43rd in the Crypto Online ranking.
Harmony is a blockchain that specializes in making it easy to build and use decentralized applications. To stand out in this competitive market, this network innovated in the way dApps work, by using a random state fragmentation system, capable of creating blocks in a matter of seconds.
The recent positivism behind this cryptocurrency seems to be strongly linked to the general bullish sentiment in the decentralized finance segment, more precisely in chains that offer fast and secure transactions.
Other tokens belonging to networks with high growth in the DeFi market, such as FTM (+24%), ATOM (+11%) or NEAR (+43%), have also been jumping strongly to the upside this week.
Among the largest in the entire crypto ecosystem, ONE was one of the cryptocurrencies that increased in price the most during the month of December, after the DeFi Kingdom platform blocked more than $740 million within this network. Now this trend seems to want to continue.
Harmony Token (ONE) Technical Analysis
On the daily chart ONE vs USDT we can see an excellent technical scenario, with a clear short-term bullish trend.
The closest resistance has already been crossed, located at $0.32. Now, the price is looking for the all-time high of $0.38, and it is quite likely that it will be broken through.
The most relevant support is currently at $0.26, and it is not in any danger at the moment. As long as it holds, it is not a very good idea to position yourself against this coin.
A pullback may be on the way, but for now it is more likely that we will see a new all-time high first.
weekly chart
From this time frame we see the Harmony token involved in a clear medium/long-term uptrend.
Currently, a push is under development. This bullish process should still extend much more, with a price that manages to move away from the previous maximum.
This cryptocurrency has been on the almost continuous rise for 6 weeks now, so a pullback should not be far off.
However, as long as the bulls are the dominant force, it is not a good idea to sit back and wait for drops. Right now it is most likely that the price of Harmony (ONE) looks to mark new highs in the coming days.
All our publications are of an informative nature, so in no case should they be accepted as investment advice.
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