Hit Three Month High Near $0.30; Hold or Exit?

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Harmony (ONE) price analysis indicates a bullish outlook for the day. The price opened lower but recovered quickly to test the session high of $0.029. This is a strong resistance zone as extends it from June. Additional buying pressure could push the price toward the new swing highs.

However, a retracement in the short time frame suggests a healthy correction is impending, which can be utilized by the sidelined investors.  The bears could hit the support of $0.026.

As of press time, ONE/USD is exchanging hands at $0.028, up 4.46% for the day. The market cap has jumped over $400 million with a more than a 3% decline. However, the 24-hour trading volume lost 47% to $431,815,510.

  • Harmony edges higher following a previous day’s lackluster move.
  • The price is taking support near the critical 50-day EMA at $0.026.
  •  A bearish RSI on a short-time frame suggests a minor correction of $0.24.

The Harmony price after hitting an intraday high

Harmony price looks for an upside extension

Source: Trading view

On the four-chart, the Harmony price analysis indicates a retracement from the higher level as the bulls tested the three-month-old resistance zone. The bulls seem to be exhausted and looking for additional participants to carry forward the gains.

The price made a recovery which attracted the bears with further selling momentum diluting the price continuously. An immediate call to bulls is required to sustain the gains.

The price is expected to take support near the 0.618% Fibonacci retracement level at $0.026. The Fibonacci retracement extends from the lows of $0.021 offering support at the critical level. Further, the Harmony price is making higher highs and higher lows. Following the previous trend, the price is due for a correction. But the overall trend remains positive.

A renewed buying pressure might avoid the mentioned price correction and could bounce back from the session’s low of $0.027. If that occurs, the first upside target would be high on June 12 at $0.331 followed by the psychological $0.040 mark.

On the other hand, a continued upside pressure might trigger the selling toward $0.26. This would make bears hopeful and would aim for $0.023.

Also read: https://coingape.com/ethereum-hard-fork-is-inevitable-ethereumpow-retaliates-etc-cooperative/

A bearish RSI points at the impending bearish outlook. It currently reads at 60. A downtick in the indicator would strengthen the downside momentum.

1-hour chart warns aggressive bids

Source: Trading view

The RSI indicator on the hourly time frame indicates the average line is being tested by the buyer line and is currently attempting to breach it. If successful would result in a pullback toward $0.25.

To conclude, the overall trend is looking mildly bullish. A daily close above $0.29 would further open the gates for more gains.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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