The Harmony blockchain fell victim to one of the most infamous hacks in the history of decentralized finance (DeFi). and the fallout from that attack in 2022 saw ONE’s price plummet, losing more than 98% of its all-time high. However, a year later, the cryptocurrency appears to be making a comeback as investors and traders turn bullish once again.
Crypto Analyst Predicts Great Things for ONE Token
Crypto analyst Alan Santana has done just that shared an analysis of the ONE token, the native cryptocurrency of the Harmony blockchain. In this analysis, which focuses on one of the forgotten giants of the DeFi summer of 2021, Santana paints a rather bullish picture, the kind that hasn’t been shared in a while.
The analysis focuses on the ONE/BTC pair, which is promising compared to the ONE/USDT pair. This comes after the coin hit a new low of $0.008 this year before recovering, and this recovery appears to be the basis of its bullish trend.
Santana explained that this particular growth started in October and has held up until now, as the price has risen more than 100% since then. However, the way forward is still not entirely clear, as t
The crypto analyst points out that while the cryptocurrency has been able to break above its 200-day moving average (MA), it now faces even more resistance. This resistance is now prominent at the 300-day exponential moving average (EMA).
Source: Tradingview.com
With resistance rising, support for the coin has formed at the EMA200, which proves to be an important level for the coin. From this level, a break above the EMA300 is essentially what is needed for the altcoin to confirm its breakout from here.
Santana states that when this break occurs, it will confirm the long-term growth potential for ONE price. At this point, trading volume is expected to increase “and the daily sessions/candles will become very large,” the analyst explains.
Harmoney at $0.02 | Source: ONEUSDT on Tradingview.com
Harmony Price Performance
There are multiple price targets outlined by the crypto analyst for when Harmony price breaks the EMA300. From the current level of $0.02, there is an expected initial jump of 650% immediately above $0.14, starting the long-term bullish price.
Related reading: Solana Breaks New Record, Will This Send SOL Price to $200?
From there, the next target is placed at $0.16, which is an 850% move from the current trading level. However, it doesn’t end there with a third target placed just above $0.33 that would complete the move. This last target would translate into an increase of 1,400%.
On its own, the ONE token is performing quite well given the circumstances surrounding it. Data from CoinMarketCap shows that the price has risen 5.56% over the past day, 40.5% over the past week, and 54.2% over the past month.
Featured image from Medium, chart from Tradingview.com
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