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- 1 The price action of the ONE asset was in an upward wedge earlier, but the sides have flipped after facing resistance.
- 2 The Harmony crypto is at $0.01634 with an intraday decline of 3.37% (press time).
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?
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.
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
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
