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Here is why the rally in Harmony may not be over yet

January 6, 2022 By Ansh Rathod

Harmony (ONE/USD) a token that has got many investors interested due to its recent rally after surging by over 100% in under a month could still rally further. Investors who may have missed out on the previous rally might not have to worry as a new rally could be seen soon. Harmony is an open and fast blockchain whose mainnet runs Ethereum applications with 2-second transaction finality and 1000 times lower fees.  Harmony is an open platform for assets, collectables, identity, governance. Their secure bridges offer cross-chain asset transfers with Ethereum, Binance and 3 other chains. This is why many investors see a huge potential in One.

Investors have enjoyed a very strong rally in One over the past month wherein One surged by over 100%, and this could only be the start of the rally. One has fallen by over 15% in the past few days however this could only be a short retracement before One starts its rally again. Thus investors must be patient and wait for the right time to enter. One is only 30% away from hitting a new all-time high, and looking at the momentum that it has shown in the past, a new high could be hit soon. Thus, should you buy One before it starts rallying again?

Here is what the charts are pointing towards-

  • One has fallen by over 15% after a sharp rally seen last week, however, it is now trading at a crucial support.

  • A strong support can be seen at $0.263, which is also the 0.618 Fibonacci level. Earlier in December, One took support at the 0.618 level before rallying further and it is looking like a similar move will be seen once again.

  • Investors can enter once a clear reversal is seen with a target of a new all-time high, however, a stop-loss must be maintained below the support zone.