Harmony (ONE) Technical Analysis: Is ONE About to Join in With Today’s Bull Rally?
Nothing in this article is to be construed as investment advice. Neither the author nor the publication assumes any responsibility or liability for any investments, profits or losses you may incur as a result of this information.
Harmony, the latest project to emerge from the Binance’s Launchpad platform, appears to be edging closer towards a bullish breakout from the falling wedge pattern it has been tracking inside of for the past 14 days.
Buying volume has seen a marked increase today after bulls springboarded off the 0.786 fibonacci level at $0.218 during the Asian trading session, and momentum indicators are beginning to look very bullish.
So far, the asset has managed to secure a strong 5.32% gain against the US dollar in the last 24hrs, and push out in front of Bitcoin by 3.92%.
Harmony (ONE) Price Analysis
On the 4-Hour ONE/USDT chart we can see how the price has been stuck in a downtrend between two well tested S/R levels since it peaked at its all-time high on June 6.
Bullish traders have made two attempts thus far to break free of the sloping resistance, but have failed at each test and subsequently fallen on to lower fibonacci supports every time.
Looking at the price activity now however, we can see that bullish traders have launched a new upside recovery and are currently testing the resistance for a third time.
On the RSI we can see some promising signs of strong buying momentum picking up behind the asset during this test. The indicator line has now broken out from the downtrending resistance line (yellow line) that it’s been held beneath for the last fortnight, and is starting to print higher highs.
The 12 and 26 moving averages on the MACD have also bullishly converged for the first time on the 4-hour Binance chart.
Harmony (ONE) Price Targets
All ROI’s are calculated from the asset’s current value at $0.2376 (AToW).
PT1: $0.2555 (7.53%)
PT2: $0.2766 (16.41%)