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Harmony Price Analysis: ONE unable to break resistance at $0.2, lower prices to follow?

TL;DR Breakdown

  • The Harmony price analysis for today is bearish as the coin is trading below 13 percent.
  • Lower price retracement can be seen towards support at $0.157.
  • If broken, another support lies at $0.115.
  • The nearest resistance zone is $0.2, which remains intact.

Our Harmony price analysis is bearish for today as the current price for the ONE/USDT pair rests at $0.17, which is quite low from the previous day’s high of $0.2. ONE surged from $0.1 on 7th September to $0.2 on 9th September, boasting an incredible performance. With such incredible growth, a lot of investors and day traders were drawn to Harmony’s growth.

Therefore, in today’s Harmony price analysis, we will have a look at the price of the ONE/USDT pair in the short term using technical indicators and price movement. Today’s data for the cryptocurrency on Coinmarketcap suggests that the price of the coin is trading with a rise in volume by 57.03 percent. Also, the market capitalization of the cryptocurrency has surged by 12.22 percent. Despite Bitcoin‘s bearish outlook, Harmony (ONE) has proven to be quite an incredible investment.

Considering Bitcoin’s movement in the price analysis of any cryptocurrency is essential for there is always a possibility of a drop in the price of the majority of altcoins if Bitcoin drops. Currently, Bitcoin is at $45.8K, breaking below the support of $46K. Although, the king of cryptocurrencies is trying to reclaim its precious support. The nearest resistance for Bitcoin rests at $47K.

Harmony price analysis: Technical indicators gradually turning bearish

According to today’s Harmony price analysis, the technical indicators are gradually turning bearish after a great bullish scenario. With the price of the coin unable to break resistance at $0.2, a drop in the price of the coin suggests a movement towards the support level at $0.15. Bitcoin has dropped below its support at $47K, but it is currently trying to reclaim it. If it fails to do so and drops further, we can see a price retracement for ONE/USDT pair to $0.11.

Considering the technical indicators on the 4-hour chart below, it is clear that the cryptocurrency is trading with an RSI reading of 60 but with a negative gradient. This shows that the price of the cryptocurrency will drop further as the selling pressure is gradually overcoming the buying pressure. Although the trading volume has surged in the past 24 hours, we can expect people to sell their tokens waiting for higher prices.

Next comes the MACD indicator, which shows that the MACD line, i.e., the blue one in the 4-hour chart below, and the signal line, i.e., the orange line in the graph below, are coming closer. If the price action continues, we might experience a bearish crossover, wherein the signal line crosses over the MACD line. The density of the green histogram also seems to be fading as bears continue to dominate.

Harmony price analysis on the chart by TradingView

Harmony price analysis continues with the prediction of future price movement based on Bollinger Bands. The Bollinger Bands suggest that the price of the currency after breaking out from the upper end are showings signs of retracement. There are three consecutive red candles visible on the 4-hour chart. We can expect that if the selling pressure continues to dominate, prices might go lower, with price movement reaching the lower end of the Bollinger Bands.

At last, we will talk about the key Moving Averages, i.e., the 50-day and the 100-day Moving Averages. The 4-hour chart below shows that the cryptocurrency’s price is trading above the two key Moving Averages, which is a good sign for the short term. If the price action continues to be above them, bulls may regain dominance.

Harmony price analysis on the chart by TradingView

Harmony price analysis: Conclusion

To conclude our Harmony price analysis, we can say that if Bitcoin regains $46K price level support and reaches for the resistance at $47K, there is a huge possibility of bulls taking hold of ONE/USDT pair as well. Considering the current action, we can say that selling pressure dominates, and you can put your order at $0.15 and $0.11.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

This post was last modified on September 10, 2021 7:35 pm

Parth Dubey

A writer, an author, a freelancer with writings in over 50+ niches, an editor, a proofreader, a music enthusiast, a YouTuber, a podcaster, and someone, who puts consistent efforts each day to make sure his creativity is noticed. What's more? I love cryptocurrencies.

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