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Harmony to see redemption? Analyst predicts meteoric rise of 650% for ONE token
The Harmony blockchain fell victim to one of the the most infamous hacks in the history of decentralized finance (DeFi). and the aftermath of that attack in 2022 saw the ONE price collapse hugely, losing over 98% of its all-time high value. However, a year later, the cryptocurrency appears to be making a comeback as investors and traders turn bullish once again.
Crypto analyst predicts big things for ONE token
Crypto analyst Alan Santana did shared an analysis of the ONE token, the native cryptocurrency of the Harmony blockchain. In this analysis that focuses on one of the forgotten giants of the DeFi summer of 2021, Santana paints a rather bullish picture, one that hasn’t been shared for a while now.
The analysis focuses on the ONE/BTC pair which proves to be very promising compared to the ONE/USDT pair. This comes after the coin hit a new low of $0.008 this year, before rebounding, and this rebound appears to be the basis of its bullish trend.
Santana explained that this particular growth began in October and has continued so far as the price has increased by more than 100% since then. However, the way forward is not yet entirely clear as t
The crypto analyst points out that while the cryptocurrency managed to break out of its 200-day moving average (MA), now it is facing even more resistance. This resistance is now prominent at the 300-day exponential moving average (EMA).
Source: Tradingview.com
With the resistance moving higher, support for the coin has formed at the EMA200, proving to be an important level for the coin. From this level, a break above the EMA300 is actually what the altcoin needs to confirm its breakout from here.
Santana assumes that when this disruption occurs, it will confirm the long-term growth potential for the A price. At this point, trading volume is expected to increase “and daily sessions/candles will get really big,” the analyst explains.
Harmoney at $0.02 | Source: ONEUSDT on Tradingview.com
Price harmony
There are several price targets outlined by the crypto analyst for when Price of harmony breaks the EMA300. From the current $0.02 level an initial 650% jump is expected right above $0.14 which starts it on its long-term bullish journey.
Related reading: Solana breaks a new record, will this bring the SOL price to $200?
From there, the next target is set at $0.16, which is an 850% move from current trading levels. However, it doesn’t end there with a third target positioned just above $0.33 which would complete the move. The latter target would translate into an increase of 1,400%.
By itself, the ONE token is performing quite well considering the circumstances surrounding it. Data from CoinMarketCap shows that its price has increased by 5.56% in the past day, 40.5% in the past week, and 54.2% in the past month.
Featured image from Medium, chart from Tradingview.com