As it chases $0.04, the price of Harmony has been showing bullish signals and may be poised for an up-tick in Tether’s (USDT).
Ethereum prices rallied so strong from an area of $1,670 up to $1,924 before Ethereum merge. Many altcoins, including Harmony (ONE), have seen relief from this.
Ethereum merge is an upgrade to the Ethereum network, from Proof of Work (POW to Proof Of-Stake) in order to enhance its efficiency in transactions. Data feeds via Binance
Chart Weekly: Price Analysis for Harmony (ONE).
As you can see, the price per unit of ONE dropped to around $0.0168 each week. However, it rebounded and reached $0.02950.
It faces resistance at $0.037 and has gained momentum.
If the price of ONE on the weekly chart continues with this bullish structure, it could quickly revisit $0.037 and trend higher to $0.04.
Weekly resistance for the price of ONE – $0.03.
Weekly support for the price of ONE – $0.0168.
The Price Analysis of ONE on the Daily (1D), Chart
Price of ONE reached $0.0266 with strong support. There is an area of potential interest on the daily charts.
ONE rallied after it lost support. It now faces resistance at $0.04. The price movement of ONE was in an asymmetrical triangle until it reached support at $0.04.
At the moment of writing, the price per unit of ONE stands at $0.02960. It is above the $50 Exponential Moving Averages (EMA) of $0.0266.
The price could trend higher if the price of ONE maintains the $0.0266 support. $0.0266 corresponds to 50 EMA and will provide support for buyers if the price is rejected.
Relative Strength Index for price of ONE (RSI), as shown on the daily charts, is higher than 65. This indicates that there are healthy bids to buy ONE.
Volume of ONE represents buy bids. It indicates bulls might want to push it higher.
Daily (1D) resistance for ONE price – $0.04.
Daily (1D) support for ONE price – $0.0266, 0.024.
Price Analysis Of ONE For The Four Hourly (4H) Chart
After a break through the asymmetric triangle, and retesting to establish support levels, the price of ONE continued its bullish structure.
ONE traded above the 50 EMA and 200 EMA. Prices of $0.0258 & $0.0242 act as their support on the 4H Chart, in case ONE’s price is rejected by the weekend sale.
The price could trend to $0.04 if it holds above the support level of 0.02790, assuming there is good volume. If ONE suffers a selloff, the 50- and 200 EMA price levels would provide support.
Four-Hourly (4H) resistance for ONE price – $0.04.
Four-Hourly (4H) support for ONE price – $0.0258, $0.0242.
Featured Image from TronWeekly. Charts by TradingView.com