Harmony Price Steady at key Support Level as Crypto market calms

Summary:

This article highlights significant Harmony price levels ahead of tonight's potentially game-changing FOMC announcement.

This article highlights significant Harmony price levels ahead of tonight’s potentially game-changing FOMC announcement.

Harmony (ONE) has spent the last week consolidating above the 200-Day Moving Average as traders digest the magnitude of the recent sell-off and the potential outcome from today’s FOMC meeting. The current sideways action follows a 55% drop from the October high and a $2 bi drop in market cap. Subsequently, ONE has lost ground to rivals and is currently ranked the 64th most-valuable cryptocurrency behind Zcash. Furthermore, Harmony could experience extreme volatility if the U.S central bank surprises the market in either direction. Therefore, traders should be aware of the critical price levels.

ONE Price Analysis

The daily chart shows the Harmony price is holding above the 200-DMA at $0.1565. In simple terms, as long as ONE continues to respect the long-term indicator, it should remain stable. On the other hand, a daily close below $0.1565 would damage the coins prospects. In that event, an extension to the July highs of around $0.8000 is possible.

If the market reacts well to tonight’s announcement, the logical upside target is the 100-DMA at $0.2275, around 30% above the current price. Furthermore, clearance of the 100-Day should encourage momentum buying, targeting $0.2700 (October 10th high).