Harmony
Harmony Price Analysis: how long can you tolerate the downtrend?
- The Harmony token is looking sideways near the weekly low of $0.1128.
- In the context of the daily price chart, ONE Coin is breaking down vital moving averages (such as the 20,50,100 and 200 EMAs).
- The ONE coin belonging to the bitcoin pair is trading at 0.00000302 satoshis, which is slightly below 1%.
Bears rejected the Harmony coin near the supply zone (red) and as a result, the ONE coin came back into the clutches of short-sellers. Nevertheless, before a sharp selloff, the coin exhibited a double top formation near an all-time high.
Over the past 3 Days, bulls have been managing the Harmony coin’s price above the weekly low of $0.1128 for the past several days. After a sharp sell-off the asset price breached semi-line ( 20-day moving average) and reached the lower range of Bollinger Bands indicator in the context of daily price chart.
At the time of writing, as per the CMC, ONE Coin is trading at the $0.1211 mark with a decrease of 3.7% over the past 24 hours. Furthermore, The ONE coin belonging to the bitcoin pair is trading at 0.00000302 satoshis, which is slightly below 1%.
Liquidation in Harmony Coin is gradually decreasing, so buyers are unable to keep the asset cost high. Meanwhile, trading volume appears to be neutral at $74.8 million, according to data from the last 24 hours.
What is your plan to deal with the downtrend of ONE coin?
For less than 3 months, the 200 EMA line (Yellow) of the EMA Ribbon indicator has been a major selling signal for the bears amidst the creation of lower levels. On the daily price chart, meanwhile, the EMA Ribbon indicator is much above the current price of a coin.
The daily RSI is seeing an upside move above the 35 mark, which suggests a non-volatile market for the Harmony coin. In addition, the ADX indicator ADX (21 points) shows neutral momentum.
Conclusion
Unless the bulls are able to reverse the downtrend, there is no directional trend present in the Harmony coin. On the other hand, if they fail to manage assets above the weekly low, more bloodshed could happen.
Support level- $0.11 and $0.07
Resistance level- $0.17 and $0.22
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
