On February 10th, the Harmony (ONE) price turned down from the $0.223 resistance and lost 25% by hitting its $0.166 monthly support. The bulls had high hopes from the support, but the global markets facing geopolitical issues, i.e., Russia invading Ukraine, triggered further downfall and plunged the altcoin to $0.12 support. However, The coin chart shows a reversal opportunity at this support.
Key technical points:
- ONE price reclaims a minor resistance level of $0.143
- The technical chart shows a death crossover of the 50-and-200-day EMA
- The 24-hour trading volume in the Harmony coin is $238.1 Million, indicating a 20.3% gain.
Source-Tradingview
The ONE price breached the $0.165 crucial support on Feb 20th, intensifying the ongoing sell-off. The sellers pulled the altcoin to the September 2020 support($0.12), resulting in a further 27% fall. On Feb 24th, the sellers tried to extend these losses, but the bulls defended this level with vigor, resulting in a long-tail rejection candle.
The Relative Strength Index(40) surged from the oversold territory and has breached the 14-SMA line. The rising slope indicates the increasing underline bullishness.
Can EMA Death Crossover revert the ongoing ONE price rally?
Source-Tradingview
The Harmony (ONE) price bounced back from the $0.12 support forming a daily-morning star candle pattern. Today, the buyers follow up on the recovery, displaying the coin has gained 28% from the bottom support. Furthermore, the buyers gave a bullish breakout from a falling expanding channel.
The bullish rally could soon retest overhead shared resistance of $0.17-$0.165 and 20-day EMA. A successful breakout from this level would offer a recovery opportunity for ONE holders.
On a contrary note, if sellers rejected the coin price from $0.165, it would indicate the support has flipped to resistance threatening a further downfall.
ONE price chart shows a bearish alignment among the crucial EMAs(20, 50, 100, and 200). Moreover, the 50-and-200-day EMA shows a death crossover, luring more sellers into the market.
- Resistance- $0.17-$0.165, and $0.198
- Support- $0.143, and $0.12
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-bulls-must-reclaim-this-key-resistance-to-trigger-next-bull-rally/