The Harmony (ONE) buyers’ recovery rally failed to surpass the immediate resistance of $0.225. The ONE price reverts and charges towards the previous lower low support of $0.163. If altcoin plunged below this bottom support, it would indicate the bears are selling on rallies, signaling the resumption of the downtrend.
Key technical points:
- The ONE buyer’s lost the 200-day SMA
- The 24-hour trading volume in the Harmony coin is $192.9 Million, indicating a 3.6% loss.
Source-Tradingview
Last week’s recovery rally in the ONE/USD pair turned down from the $0.225 resistance and slid below the 200-day SMA($0.2) on Feb 11. Currently, the coin price trades at $0.187, indicating a 16.8% fall in the last three days.
The ONE price would soon retest the monthly support of $0.163 to confirm if buyers are accumulating at this mark or there’s more in correction.
It is crucial for ONE buyers to defend the $0.163 support because a breakdown and closing below it, could intensify the selling pressure, and sink the altcoin 28% down to the $0.118 mark.
However, if they succeed rebound the altcoin from the bottom support, the buyers will make another attempt to challenge the $0.225 resistance. Furthermore, a genuine breakout from this resistance would give a positive signal for trend reversal.
The technical chart indicates the important supply regions are $0.225 and $0.27. Moreover, the demand can be expected at $0.163 and $0.12.
Technical indicators:
Due to the recent reversal, the 50-day SMA failed to cross above the 100 SMA line. Moreover, both these lines sloping downwards indicate the bears are dominant.
- The daily-Relative Strength Index reenters the negative territory, suggesting a bearish sentiment among the market participants.
- The 4-hour Bollinger band indicator moving sideways accentuates the short-term consolidation between the $0.225 and $0.163.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/one-price-analysis-monthly-support/