The Harmony blockchain fell victim to one of the most infamous hacks in decentralized finance (DeFi) history, and the aftermath of the attack in 2022 saw the price of ONE fall massively, losing more than 98% of its all-time high value. However, a year later, the cryptocurrency appears to be making a comeback as investors and traders are bullish once again.
Crypto analyst predicts good results for one token
Crypto analyst Alan Santana shared his analysis of the ONE token, the native cryptocurrency on the Harmony blockchain. In this analysis, which focuses on one of the forgotten giants of the DeFi summer of 2021, Santana paints a rather optimistic picture that hasn’t been shared for some time now.
The analysis focuses on the ONE/BTC pair, which shows great potential compared to the ONE/USDT pair. This comes after the coin hit a new low of $0.008 this year before rebounding, which appears to be laying the foundation for an uptrend.
Santana explained that this extraordinary growth began in October and has continued to this day, given that prices have risen more than 100% since then. But the way forward is not yet entirely clear.
The cryptocurrency analyst points out that the cryptocurrency was able to surpass its 200-day moving average (MA), but now faces much greater resistance. This resistance is now prominent at the 300-day exponential moving average (EMA).
Source: Tradingview.com
With the resistance rising, support was formed for the coin at EMA200, which proved to be an important level for the coin. A break above EMA300 at this level is actually what the altcoin needs to see a breakout from here.
Santana assumes that this disruption will confirm the long-term growth potential of ONE price. At this point, volume is expected to soar and “the number of daily sessions/candles will get really big,” explains the analyst.
Harmoney at $0.02 | Source: ONEUSDT on Tradingview.com
Harmony price/performance ratio
There are several price targets outlined by cryptocurrency analysts in case Harmony price breaks above EMA300. An initial 650% jump is expected from the current $0.02 level to just above $0.14, beginning a long-term bullish journey.
Related reading: Solana breaks new record. Will this push the price of SOL to $200?
From there, the next target is set at $0.16, an 850% move from current trading levels. However, it doesn’t end with setting a third target just above $0.33 to complete the move. This last goal translates to a 1,400% increase.
The ONE token itself is performing quite well considering its surroundings. The price rose 5.56% in the last day, 40.5% last week and 54.2% last month, according to CoinMarketCap data.
Featured image from Medium, chart from Tradingview.com
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