Harmony Price Up By 10% – Time To Buy ONE?
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Bitcoin served as the foundation of blockchain technology. However, the top blockchain platform is not scalable.
Several blockchain protocols have tried to address this issue, but one of the best-performing is the Harmony blockchain and its ONE token. Could this be a good reason to buy ONE?
Using a sharded blockchain, Harmony is more scalable, secure, and energy-efficient than proof-of-work (PoW) protocols like Bitcoin and Ethereum. With energy concerns rising by the day, ONE token has piggybacked on its low-energy protocol and rallied in the last 24 hours.
This article examines the vision behind the Harmony blockchain and if you should buy ONE now.
Harmony: Decentralization At Scale
Harmony aims to be the next generation of blockchain tech by providing a high-throughput, low latency, low-fee consensus protocol that developers can leverage to build decentralized applications (DApps).
Harmony aims to address the bottlenecks large-cap assets like Bitcoin and Ethereum have faced since their launch using a sharding-based blockchain design.
The sharding technology enables Harmony to scale without compromising the decentralized platform’s security.
Founded by famous cryptographer Stephen Tse, Harmony focuses on the resharding and secure staking of nodes with decentralized randomness.
To ensure the nodes and validation processes are safe, Harmony uses a Verifiable Random Function (VRF), which enables an unbiased and unpredictable shard membership.
According to its website, Harmony blockchain runs Ethereum applications with two-second finality and at lower fees. Its secure bridges enable cross-chain asset transfer with the Ethereum network, Binance, and several blockchain platforms.
In addition, Harmony blockchain is used by corporate bodies to build marketplaces for fungible token creation and subsequent transfer. Aside from this, non-fungible tokens (NFTs) such as in-game digital assets are also supported on the Harmony blockchain.
The cross-chain protocol uses zero-knowledge proofs, which enable data sharing with customer privacy. This allows businesses to check a user’s credit rating, run ads seamlessly.
The Harmony protocol uses the ONE native token, which serves as its payment settlement token. Also, it’s used as a governance token to vote for proposals on the network.
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ONE: Rising Despite Market Downturn
In terms of market cap, the ONE token is over $905 million and is 77th on the global crypto chart. This makes ONE a small-cap alternative currency (altcoin).
However, ONE has rallied significantly in the last 24 hours. At press time, the ONE token is trading at $0.08813, up 10.7% on the daily trading chart. This surge has seen several investors want to buy ONE.
However, this is not the first time ONE token has seen positive price action.
The ERC-20 token, which exchanged for $0.004242 at the beginning of the year, spiked to an all-time high (ATH) of $0.2027 on March 28.
However, it could not sustain this price action and dipped to $0.09911 on April 24.
Although it rallied to $0.1759 on May 18, ONE has experienced volatility much like other crypto protocols. It slumped to a mid-year low of $0.05183 on June 22 before catching some tailwind.
This change in trajectory shows that the ONE token is set for a major recovery.
ONE Technical And Fundamental Analysis
ONE’s rally is reflecting well on the markets. The digital asset is trading above the 20-day moving average (MA) support at $0.03524, pointing to a bullish run on the trading chart.
Its relative strength index (RSI) is also promising, with the oscillator showing a 59.30 trend line.
Market analysts are also bullish on the token, with Wallet Investor making a forecast that ONE token will trade at $0.179 by the end of the year. The five-year prediction puts it at $0.632.
The Harmony network is also seeing growing adoption with blockchain development platform Tatum integrating with the cross-chain platform.
According to the team, this integration will allow users to connect directly to the Tatum infrastructure and deploy ready-to-go NFTs using Tatum’s unified NFT API endpoints.
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