Harmony ONE cryptocurrency symbol, logo. Business and financial concept. Hand with smartphone, screen with crypto icon closeup
Harmony One has traded in a very tight sideways market for weeks. The price is up by a percentage point in today’s trading session. Despite showing signs of a continued bullish move throughout the session, the move will likely result in the extension of the current sideways market. This is after yesterday’s trading session closed with a price loss of 9 per cent.
The price of Harmony One has struggled throughout the year. The year-to-date data shows the cryptocurrency has lost 81 per cent of its value. The month of June is also looking poised to continue the strong bearish move which started in May and resulted in a 38 per cent price drop for the month.
Since reaching its all-time high price of $0.3798 on October 26, 2021, Harmony One’s price has also dropped by 90 per cent. As a result, harmony One’s total value locked (TVL) has also taken a hit for the past few months of 2022. The Harmony One platform opened the year with a TVL value of $826 million. A few days later, the TVL had risen to $1.43 billion by January 12, 2022. Since then, the TVL value has plummeted, and the value currently sits at $159 million.
The 2022 Harmony One data is an indication of the current state of the cryptocurrency market. Although part of the reason for this drop has to do with Harmony One, the current global downtrend of the cryptocurrency market has also contributed greatly to the price fall of Harmony One.
The chart below shows Harmony One has traded in a sideways market for the past three weeks. The prices have also not been able to break the $0.053 resistance level to the upside. Although today’s trading session looks bullish and is up by 1 per cent, it is unlikely to wipe out yesterday’s losses, resulting in a 9 per cent price drop. However, it is likely to continue the current sideways market.
Therefore, my Harmony One price prediction expects the prices to continue rising throughout the trading session. There is a high likelihood of the price trading above $0.45 by the end of today’s trading session. However, the coming trading sessions will likely continue the sideways market and wipe out today’s gains. Therefore, my current Harmony One price outlook is that of prices failing to establish a trend.
However, should the prices trade above $0.053 or below $0.04, then my sideways market analysis will be invalidated. It will also mean a possible bullish trend for a trade above $0.053 or a bearish trend if it trades below the $0.032 support level.
This post was last modified on Jun 02, 2022, 13:29 BST 13:29