Harmony (ONE) price outlook reveals a bullish picture for the day. The altcoin opened lower before recovering swiftly to hit the $0.029 session high. The level represents a massive resistance area as it stretches from June. Moreover, buying momentum might push ONE’s price to new swing peaks.
Nevertheless, retracements in the near-term timeframe suggest an impending correction, and sidelined investors might capitalize on this move. Meanwhile, bears might hit the $0.026 support. While publishing this post, ONE/USD traded at $0.028, gaining 4.46% within the past day.
Also, its market capitalization has climbed above $400M with an over 3% slump. Nevertheless, the daily trading volume plunged by 47% to $431,815,510.
Vital Points
- Harmony surged higher after the previous day’s monotonous action.
- The altcoin is securing support around the crucial 50-dayEMA at $0.026.
- A bearish Relative Strength Index in the near term indicates a slight correction.
ONE Price Ready to Extend Upside
On the 4-hr chart, Harmony’s price outlook suggests a correction from higher levels as bulls hit the 3-month-old resistance. The bulls appear exhausted and searching for more participants to sustain the latest gains.
The price recorded a recovery which seems to attract bears with increased selling strength diluting price action consistently. The bulls should amplify their game to sustain the upsides. Analysts expect ONE to discover support at the 61.8% FIB retracement mark at $0.026.
The FIB retracement stretches from the $0.021 lows, providing a foothold around a crucial level. Moreover, ONE makes higher highs plus higher lows. The price remains primed for a retracement considering the last move, though the overall trend stays positive.
A renewed bullish strength might escape the highlighted correction, welcoming rebounds from the $0.027 session’s low. If that happens, the initial upward target will stay at the 12 June peak of $0.31 before ONE rises towards the psychological area at $0.040. On the other side, an extended downside might push the altcoin toward the $0.26 mark. That might open the gates for bears to explore $0.023.
A bearish Relative Strength Index confirms an imminent downside move, reading at 60. A downward action by the indicator would bolster downside strength.
1Hr Timeframe Cautions Aggressive Bids
The 1hr RSI shows the buyer line testing the average level and currently trying to breach the mark. Success would welcome pullbacks toward $0.25. Meanwhile, the overall trend appeared mildly bullish. A daily closing beyond $0.29 would clear the path for further gains.
