Harmony (ONE/USD) is one of the few coins that hit a new high in January, however, it has fallen by over 50% from the new all-time high that it hit in January. This was mainly due to the deep sell-off seen in the broader market and Harmony was a coin that dropped significantly more than other coins in the past week. The tokens are used to pay for various fees, including transaction fees, storage fees and gas fees. With the help of ONE tokens, the holders are granted voting rights as part of the platform's governance system.
Harmony is trading back down at the level from which Harmony rallied earlier this month, thus it could be a great opportunity for investors who missed the previous rally to buy Harmony, however, investors must be patient and wait for a clear reversal as Harmony could still break the support level and fall further down. Harmony is one of the leading De-Fi projects at the moment and is seeing a huge increase in the number of users and has also launched a $300 million developer incentive. Harmony was also one of the best performing coins in 2021 and investors are expecting yet another strong year due to strong financials. Thus should you buy Harmony before it rallies once again?
Harmony fell by over 50% after hitting a new all-time high earlier this month and is now trading back its support at $0.162, thus a reversal could be seen soon.
However, investors should only enter once Harmony is able to break the 200-day moving average.
Harmony is very close to the oversold zone thus buyers could return soon.
Investors can expect a target of $0.26, followed by $0.33.