Harmony ONE Price Prediction: Ripe For a Breakout

Summary:
• The Harmony ONE price has gone nowhere in the past few days. What is the outlook of the Harmony price and what happens next?

The Harmony ONE price has gone nowhere in the past few days. The token is trading at $0.0470, where it has been since May 12th. The price is about 53% above the lowest level this month, bringing its total market cap to about $569 million, Other cryptocurrencies like the Basic Attention Token, Synthetix, and Enjin Coin have been ranging as well.

Harmony is a leading blockchain project that runs on Ethereum’s mainnet. It is a layer 2 project that helps developers to optimize their applications. Harmony is well-known for the speed of transactions, which take on average about 2 seconds to complete. Like other layer 2 platforms, it is also cheap, with the average cost of a transaction being about 100 times cheap.

Harmony is highly popular among developers. According to its website, DeFi applications in its system have a total value locked (TVL) of more than $1.01 billion. DeFi Llama, in its part, shows that the network has a TVL of over $166 million. Some of the apps built using Harmony are DeFi Kingdoms, Tranquil Finance, AAVE, and Curve.

The Harmony ONE price has been in a consolidation phase in the past few days as investors embrace a wait-and-see approach. The same has been happening among other cryptocurrencies like Bitcoin and Ethereum. So, what next for the Harmony One price?

Harmony ONE price prediction

The four-hour chart shows that the ONE price has been in a tight consolidation phase in the past few days. The coin has moved sideways and is consolidating at around the 25-day and 50-day moving averages. At the same time, the MACD has moved slightly below the neutral level. It has also formed what looks like a symmetrical triangle pattern that is shown in red. 

Therefore, Harmony price will likely continue its consolidating phase in the past few days. It will then have a bullish or bearish breakout in the coming days. If this happens, the next key support and resistance level will be at $0.043 and $0.052.