Harmony One price is seeing a drop in today’s trading session after recording gains in the previous two days. The drop comes amidst positive news that BitKeep was planning to add Harmony One to its list of supported main chains. However, the current drop is much more complex, especially through a technical analysis lens, as described below.
Today’s trading session has seen Harmony One price drop by almost a percentage point. Despite the two last two days showing signs that the market was starting to turn bullish. However, the drop may be a correction and not a bearish move. This is because, looking at a lower time frame, which in our case will be the 4-hour chart shown below, the prices are still heavily bullish.
In the chart below, we can see that the Williams alligator indicator lines are widely spread, signalling strong volatility in the market. However, we can also see that the indicator shows that the prices are in a bullish market. This is represented by the green line, the alligator lips, trading close to the candlesticks and further from the other two lines. The four-hour chart also shows that the prices have been trading along an ascending trendline since March 13. This shows that the prices are still in a long-term bullish move.
Another thing we can pick from the 4-hour chart is the prices have been trading within support and resistance levels of $0.11 and $0.17, respectively. However, prices failed to test the support level and instead reversed and started a bullish move. Although today’s trading session has the prices going down, the long-term outlook is still to the upside.
In my analysis, as shown in the chart below, there is a high likelihood that the price will drop until it hits the ascending trend line, setting up a good bullish move. However, there is also a possibility that the bullish move will start before hitting the trend line. In either case, I expect the Harmony One price to hit the $0.17 resistance level in the coming days.
This post was last modified on Mar 24, 2022, 05:16 GMT 05:16