Harmony’s (ONE) Weak Performance Highlights Hit From Profit-Taking

Unlock stock picks and a broker-level newsfeed that powers Wall Street.

Vladimir Zernov

Thu, Jan 27, 2022, 1:26 AM 2 min read

Harmony has been the worst performer among top-10 cryptocurrencies in recent days and continues to move lower.

Recent Crypto Market Rebound Failed To Provide Any Support to ONE

Many cryptocurrencies followed Bitcoin’s lead as it rebounded from the $33,000 level to the $39,000 level, but Harmony was not one of them.

ONE made an attempt to settle above all-time high levels in January after Harmony approved Datachain’s grant. There were no specific positive catalysts after this event, and ONE started to lose ground.

General crypto market weakness contributed to the strength of the downside move, and it looks that ONE was also hit by a wave of profit taking after rally. Those traders who failed to exit their profitable positions back in late October rushed to sell ONE once it managed to get close to October highs.

ONE Attempts To Rebound

ONE managed to settle below the support at $0.1830 and is testing the next support level which is located at $0.1735. In case ONE manages to settle below this level, it will move towards the next support level at $0.1650. A successful test of the support at $0.1650 will push ONE towards the support at $0.1600.

On the upside, the previous support level at $0.1830 will serve as the first resistance level for ONE. In case ONE manages to climb back above this level, it will move towards the next resistance at $0.1880. A successful test of the resistance at $0.1880 will push ONE towards the resistance at $0.1940.

Taking a look at the H1 chart, we can see that ONE received material support near $0.1735 and is trying to rebound. In case this attempt is successful, it will get to the test of the nearest resistance at $0.1830. However, it should be noted that RSI moved back into the moderate territory, so there is plenty of room to gain additional downside momentum in case ONE manages to get below $0.1735.

This article was originally posted on FX Empire