The cryptocurrency market has been underperforming over the past few weeks, with the market losing nearly $1 trillion since reaching an all-time high.
The total cryptocurrency market cap has dropped below $2 trillion for the first time in months. This latest development comes as the prices of most coins lose more than 10% of their values over the past week.
Bitcoin has dropped towards the $41k level and risks dropping further towards the $38 support level in the coming hours. Ether could also fall below the $3,000 support level if the current market momentum is maintained.
ONE, the native token of the Harmony blockchain, performed excellently earlier today. The coin surpassed the $0.33 resistance level earlier today but pulled back following the bearish performance from the broader cryptocurrency market.
ONE’s performance was fueled by the launch of NFTs on the Harmony blockchain by VinFast, a global EV brand and AAG Ventures, a pioneer in the Web3 space. Harmony’s low gas fee is one of the attractive features of the blockchain.
ONE has lost more than 3% of its value over the past 24 hours and is now trading at $0.29 per token. Despite that, it could still rally higher soon if the bulls regain control of the market.
Key levels to watch
The ONE/USD 4-hour chart is one of the most bullish in the market at the moment despite the coin’s poor performance. The technical indicators are positive, and ONE could recover some of its lost value soon.
The MACD line is above the neutral zone, which shows positive momentum for the cryptocurrency. The RSI of 47 shows that it could still enter the overbought region if the bulls regain control.
If the positive momentum returns, ONE could rally past the $0.35 resistance level during the weekend. An extended rally could see it reach a high of $0.40 over the coming days.
