Harmony Price Down 6.38%- Time to Buy ONE Coin?

Investors who understand what it means to buy the dip are currently looking to buy ONE. The coin’s price has slumped a bit, but there are hopes that this could simply be a downward consolidation in preparation for an upward trend.

Harmony: A New-Age Blockchain for Developers

Launched in 2019, Harmony is a blockchain platform looking to solve the famous blockchain trilemma. The platform focuses on seamless data sharing and the creation of marketplaces for easy non-fungible token (NFT) transactions. Harmony also promises optimal throughput, allowing developers to come in and get all the tools they need to build decentralized applications (dApps).

Harmony’s operation rests on the premise that no platform has been able to offer a healthy mixture of speed, decentralization, and security. So, like many “Ethereum killers,” the platform has set out to get things done in its own way.

Harmony employs the Fast Byzantine Fault Tolerant protocol (FBFT), offering parallel transaction processing while reducing latency. Its network is also built to ensure quicker consensus and message exchange. All of this is tied together by the ONE token, which can be used for staking, governance, and fee payments. Investors can also buy ONE for speculating and trading.

ONE: Coin Market Position

ONE has had a similar trajectory as many cryptocurrencies. It started the year trading at $0.00385, and an influx of investors soon saw that number rise as high as $0.22. When the downturn came, it took the ONE price as low as $0.058. Investors didn’t have a reason to buy ONE anymore, especially with larger coins seeing drops too.

But, things eventually turned out well. The market rally in August saw ONE jump significantly, and the asset even crossed its previous all-time high on September 23 – setting a new high at $0.230.

Currently, ONE trades at $0.14 – down 6.38 percent in the past day, but up 11.56 percent in the past week. The coin holds the 63rd position on the CoinMarketCap rankings. Its market cap has dropped by 5.66 percent in the past 24 hours to $1.56 billion, while 24-hour trading volumes also dropped by 7.81 percent to $108.1 million. ONE has a circulating supply of 10.66 billion ONE.

ONE: Coin Price Analysis

Technical indicators for ONE are quite murky. The coin’s price in the past 24 hours dropped below its 10-day moving average (MA) of $0.15, meaning that the coin is now trading below all of its short-term MA indicators. For now, short-term traders might not want to buy ONE. As expected, ONE is still above its 100-day and 200-day MAs. The coin’s moving average convergence divergence (MACD) is also positive, so ONE still has a strong buy signal.

A relative strength index (RSI) of 50.61 shows that ONE is still underbought. While you might want to wait a bit to see how it performs, you could buy ONE right not confidently. Harmony’s developers launched a $300 million fund to encourage other developers to build on the chain this month, but that’s about it.

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