ONE Technical Analysis: Reversal Within Rounding Bottom Delays Bull Run
Harmony, a blockchain platform that aims to facilitate the making and use of decentralized applications (dApps). The platform seeks to pave the way dApps are working by developing the random state sharding method that helps in creating new blocks within seconds.
Let us move ahead to read about the Harmony technical analysis.
Past Performance of ONE
The ONE coin price fails to rise above the resistance zone near $0.34 that acts as the neckline of the rounding bottom pattern. As per our previous ONE technical analysis, a 50% price jump awaits the pattern breakout. However, the rejection results in a 20% downfall and drives the price back to $0.26. Nonetheless, the demand near the support level at $0.26 and the rounding button support curve increases the chances of lower price rejection
ONE Technical Analysis
ONE coin price approaches a crucial confluence area of support and the further breakout of which can prove fatal to the bulls. However, the support levels at $0.26 and $0.235 will try to avoid further downfall and push the prices higher.
The RSI indicator at 54% cuts below the 14-day SMA line and approaches the 50% mark. However, until the slope sustains above the 50% level, the indicator remains bullish for the coin.
The MACD indicator reflects the falling MACD line approaching the signal line in the daily chart. However, the lines are yet to give a bearish crossover. Therefore, the possibility of a reversal survives.
If the ONE coin prices fall below the support level at $0.26 and the support curve, then a fatal downtrend can result in a major fall.
Upcoming Trend
The ONE coin price shows lower price rejection as it approaches $0.26, which increases the chances of price sustaining within the pattern. However, the downfall below $0.235 can give a bearish breakout.
Therefore, traders need to be patient and observe the price action before taking big trades. However, a short-term buying opportunity arises as the price finds support near $0.26.