Harmony ONE/USD has weakened from the record highs above $0.22, registered on 29th March, below $0.05, and the current price stands around $0.08.
Fundamental analysis: Harmony announced a partnership with SushiSwap
Harmony is the open blockchain that runs Ethereum applications with 2-second transaction finality and 100 times lower fees. Harmony’s mission is to create a network of nodes focusing on validation while its secure bridges offer cross-chain asset transfers with Ethereum.
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Harmony serves as a platform for creators to connect with their community, and its novel Proof-of-Stake (PoS) mechanism is responsible for network security. Harmony’s bridges can connect any Proof-of-Stake chains, and it is essential to mention that Harmony’s bridges currently secure tens of millions of cross-chain assets.
The fees on Harmony are extremely low, and this platform can scale to meet the needs of a growing ecosystem in the best possible way. Harmony tokens have the symbol ONE, and to interact with this blockchain, you should use Harmony tokens. These tokens also give you voting rights, and the maximum supply of Harmony (ONE) is 12.6 billion tokens.
According to estimates from a popular YouTube channel, Coin Bureau, Harmony has a big potential because its technology allows it to scale blockchains without compromising decentralization and security. Analysts from DigitalCoin, Walletinvestor, and GovCapital are also bullish on this cryptocurrency and believe that Harmony (ONE) can be an excellent long-term investment opportunity.
As a result, Harmony has experienced tremendous growth in its user activity this year, and the price of this cryptocurrency reached a record high above $0.22 on 29th March. Last month, Harmony announced a partnership with SushiSwap to introduce liquidity mining rewards for Sushi.
“We believe this partnership with Sushi is just the beginning of bringing millions of people into decentralized finance. As our mainnet matures, we are onboarding more key DeFi primitives that will enable access to many new communities,” said Harmony founder Stephen Tse.
The main question among investors is whether the ONE is undervalued at the current price and will it go up again? Harmony (ONE) could advance again at levels that we saw in March 2021, but this will certainly not happen in the upcoming weeks or even months.
Technical analysis: Bears remain in control of the price action
Harmony (ONE) currently trades around the $0.08 level, and it would be a strong sell signal if the price falls again below $0.05 support. The next price target could be around $0.040 or even below; still, if the price jumps above $0.10, we have the open way to $0.12.
Harmony was launched in 2019 during the initial exchange offering on the Binance Launchpad and achieved popularity as one of the most innovative sharding protocols to scale Ethereum dApps. Harmony solves blockchain ecosystems’ biggest problems, including slow transaction speeds, high fees, and scalability issues.
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