Harmony One Price Prediction: Current Bearish Trend Explained

Summary:
• Harmony One has lost more than half its price since the year started. The crypto has also lost over 70 per cent this year.

Harmony One has lost more than half its price since the year started. The crypto has also lost over 70 per cent of its value from its year-to-date price highs. Harmony One is continuing its long-term bearish move in today’s trading session, losing a percentage point in the market. The crypto is also looking highly likely to lose more value during the course of the session.

Since its launch in 2019 through the Binance launchpad’s initial exchange offering (IEO), the platform has aimed to create a bridge between scalability and decentralisation. Its premise of giving high throughput, low latency, and low cost has attracted many users to the platform and resulted in past growth. However, in 2022, Harmony one has struggled to continue with the growth it experienced in previous years.

One reason why the cryptocurrency is struggling is that we are likely in a bearish cryptocurrency market. This has resulted in almost all cryptocurrencies that saw exponential growth during the 2021 bull run starting to decline. For instance, Bitcoin, which is positively correlated with most altcoins, including Harmony One dropped by 13 per cent in April. Its current price is also below $40,000, a drop of 42 per cent from its all-time high. The current industry-wide bearish market has likely contributed to the current state of Harmony One.

Harmony One Price Prediction

The Williams Alligator in the daily chart below shows a strong bearish move trend. The recent price action also shows the cryptocurrency is in a strong bearish trend, losing over 70 per cent since the year started. In today’s trading session, the cryptocurrency has already lost a percentage point and is likely to see a bigger drop by the end of the session.

Therefore, using the chart indicator and price action, I expect Harmony one price to continue falling. There is a high likelihood of the price trading below the $0.1 price level. Future price drops are also possible based on the current bearish trend.

Harmony One Daily Chart