The Harmony (ONE) buyers’ recovery rally failed to surpass the immediate resistance of $0.225. The ONE price reverts and charges towards the previous lower low support of $0.163. If altcoin plunged below this bottom support, it would indicate the bears are selling on rallies, signaling the resumption of the downtrend.
Key technical points:
- The ONE buyer’s lost the 200-day SMA
- The 24-hour trading volume in the Harmony coin is $192.9 Million, indicating a 3.6% loss.
Source-Tradingview
Last week’s recovery rally in the ONE/USD pair turned down from the $0.225 resistance and slid below the 200-day SMA($0.2) on Feb 11. Currently, the coin price trades at $0.187, indicating a 16.8% fall in the last three days.
The ONE price would soon retest the monthly support of $0.163 to confirm if buyers are accumulating at this mark or there’s more in correction.
It is crucial for ONE buyers to defend the $0.163 support because a breakdown and closing below it, could intensify the selling pressure, and sink the altcoin 28% down to the $0.118 mark.
Trending Stories
However, if they succeed rebound the altcoin from the bottom support, the buyers will make another attempt to challenge the $0.225 resistance. Furthermore, a genuine breakout from this resistance would give a positive signal for trend reversal.
The technical chart indicates the important supply regions are $0.225 and $0.27. Moreover, the demand can be expected at $0.163 and $0.12.
Technical indicators:
Due to the recent reversal, the 50-day SMA failed to cross above the 100 SMA line. Moreover, both these lines sloping downwards indicate the bears are dominant.
- The daily-Relative Strength Index reenters the negative territory, suggesting a bearish sentiment among the market participants.
- The 4-hour Bollinger band indicator moving sideways accentuates the short-term consolidation between the $0.225 and $0.163.
- CZ Fuels Rumors Of Binance’s Trading Service Launch In Dubai
- Just-In: European Central Bank Says Crypto Unsuitable As Store Of Value
- Shiba Inu The Most-Held Token By ETH Whales, Is Metaverse Hype Back?
- South Korean Terra Holders Skyrocketed After Its Crash, Here’s Why
- Verse Metaverse – LA Villa Hand Over On May 30
- Bitcoin (BTC) Faces A Crash To 2020 Lows, Here’s Why
- On-Chain Data: Bitcoin (BTC) Always Pegs Higher Trust Over Ether (ETH) in Bear Market
- Is Terra’s Singapore Office A “Paper Company?”
- Bitcoin (BTC) Options Market Hints Major Downside Risks Over Next 3-6 Months
- Bitcoin (BTC) Fails to Hold $30,000 Again, Guggenheim CIO Predicts A Crash to $8000
- AAVE Price Analysis: AAVE Chart Hints Coin Holders May Lose $100 Mark
- What Next For The Fast Recovering FTM Price?
- Ethereum Price Analysis: Triangle Pattern Foretells Upcoming Rally in ETH
- Zilliqa Price Analysis: Channel Breakout Hints ZIL Price to hit $0.1
- Bitcoin Price Analysis: Trapped Bullish Momentum Need Triangle Breakout
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Solana Price Prediction 2022: Bulls to drive SOL Price to new Highs?
- Theta Price Prediction 2022 : Analysts Insights into the crucial Reversal levels
- Sandbox Price Prediction 2022 : Analysts Show Optimism Towards The Metaverse SAND Token
