The Harmony blockchain fell victim to one of the most infamous hacks in decentralized finance (DeFi) history and the fallout from that attack in 2022 saw the ONE price tank tremendously, losing over 98% of its all-time high value. However, one year later, the cryptocurrency seems to be making a comeback as investors and traders flip bullish once again.
Crypto Analyst Predicts Great Things For ONE Token
Crypto analyst Alan Santana has shared an analysis of the ONE token, the native cryptocurrency of the Harmony blockchain. In this analysis that focuses on one of the forgotten giants from the DeFi summer of 2021, Santana paints a rather bullish picture, the kind that hasn’t been shared for a while now.
The analysis focuses on the ONE/BTC pair which shows great promise compared to the ONE/USDT pair. This comes after the coin hit a new low of $0.008 this year, before rebounding, and this rebound seems to be the basis of its bullish trend.
Santana explained that this particular growth had begun in October and has so far sustained given that the price is up more than 100% since then. However, the way forward is still not completely clear as t
he crypto analyst points out that while the cryptocurrency has been able to break above its 200-day moving average (MA), it is now facing even more resistance. This resistance is now prominent at the 300-day exponential moving average (EMA).
With the resistance moving upward, support for the coin has formed at the EMA200, proving to be an important level for the coin. From this level, a break above the EMA300 is actually what is needed for the altcoin to confirm its breakout from here.
Santana posits that when this break happens, it’ll confirm the long-term growth potential for the ONE price. At this point, trading volume is expected to soar “and the daily sessions/candles become really big,” 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 the Harmony price does break the EMA300. From the current $0.02 level is an expected initial 650% jump right above $0.14 which starts it on its long-term bullish journey.
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From there, the next target is placed at $0.16 which is an 850% move from the current trading levels. However, it doesn’t end there with a third target placed right above $0.33 which would complete the move. This last target would translate to a 1,400% increase.
On its own, the ONE token is performing quite well considering the circumstances surrounding it. CoinMarketCap data shows that its price is up 5.56% in the last day, 40.5% in the last week, and 54.2% in the last month.
Featured image from Medium, chart from Tradingview.com
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