Harmony (ONE) has skyrocketed in recent hours, with its price gaining 25% in the past day. What is the reason for its strong price performance, and should you consider buying some ONE now?
Fundamental analysis: strong on-chain and fundamental factors main causes of ONE’s leg up
There isn’t any specific fundamental factor that caused Harmony’s recent price performance, but rather a confluence of factors. Harmony’s on-chain data has been booming lately, alongside the dev team releasing new features and functionalities for the network. The project released its governance app on 5 March.
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Harmony has been the favorite project of many market analysts, simply due to the functionalities it offers. Constant partnership announcements (most recently with Reef Finance) also improved the market sentiment.
ONE posted week-over-week gains of 143.78%, outperforming both BTC‘s week-over-week loss of 7.32% and ETH‘s 6.53% loss. Harmony is currently the 72nd-largest cryptocurrency by market cap, boasting a value of $1.37 billion.
At the time of writing, ONE is trading for $0.14, which represents a price increase of 469.21% when compared to the previous month’s value.
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ONE/USD technical analysis: Harmony rushing towards $0.151
If we take a look at the ONE/USD 4-hour chart, we can see a recurring pattern of a price push into a couple of days of consolidation. This is a great indicator of a healthy move up based on fundamentals and followed by technicals.
After a couple of failed attempts, ONE managed to push past the $0.127 mark and head towards $0.151. The price will have to find support and resistance levels by itself as both the nearest support and resistance levels are fairly far away.
ONE’s 4-hour RSI has just entered the overbought territory, with its value sitting at 75.01.
Zooming in to the hourly time-frame, we can see a strong push towards the upside on extremely high volume (similar to the volume that pushed its price from $0.077 to $0.127).
ONE is currently moving to the upside, with its volume slowly fading. This will most likely end up with the cryptocurrency stopping at the $0.151 mark. However, if ONE manages to pass and confirm its position above this resistance level (a less likely scenario), the cryptocurrency will face its next resistance at around $0.16.