Harmony Enjoys Strong Support As Traders Look For Alternative Projects
ONE, a token of the Harmony blockchain network, gained strong upside momentum at the start of 2022. Harmony blockchain is designed to run “Ethereum applications with 2-second transaction finality and 1000 times lower fees”.
It looks that the market is finally searching for newer, more technologically advanced projects, so tokens of promising projects move higher while the world’s main cryptocurrency, Bitcoin, continues to slide.
In addition, low fees look good for the future of the NFT ecosystem. The interest in this market segment is growing fast, so traders rush to buy tokens which can benefit from the robust development of the NFT space.
ONE managed to settle above the resistance at $0.2835 and is trying to settle above the next resistance at $0.30. RSI remains in the moderate territory, so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.
In case ONE settles above $0.30, it will head towards the next resistance level at $0.3150. A move above this level will push ONE towards the resistance at $0.3290. If ONE gets above $0.3290, it will head towards the resistance at $0.3380.
On the support side, the previous resistance at $0.2835 will serve as the first support level for ONE. In case ONE declines below this level, it will move towards the support at $0.2730. A successful test of this support level will push ONE towards the support at $0.2620.
Taking a look at H1 chart, we can seen that RSI has recently moved back into the moderate territory. ONE is pulling back a bit after an attempt to get above $0.30 which is normal as some traders take profits after a rapid move from $0.22 to $0.30. When this pullback is completed, ONE will have a good chance to gain additional upside momentum.