ONE Technical Analysis: Rounding Bottom Breakout Unleashes the Long-Awaited Rally: Is This the Best Time to Buy?

ONE coin price action breaks above the rounding bottom pattern with a 35% jump in last week and draws extreme buying pressure. Harmony is an open-source blockchain platform that was designed to ease the creation, as well as, use of decentralized apps (DApps). The network is designed to improve the way that decentralized applications operate by making use of random state sharding. This lets you create blocks in a matter of just a few seconds. According to the website of the project, Harmony is expected to launch cross-shard contracts as well as cross-chain technology before the year 2021’s end. Let us move ahead to read about the Harmony technical analysis. Past Performance of ONE ONE coin price shows a growth of more than 35% in the past four days from the curve of the rounding bottom pattern. The rally creates multiple bullish engulfing candlesticks in the daily chart. Thus, the rally brings the long-awaited rounding bottom pattern breakout mentioned in our previous article. ONE/USD Daily Chart ONE Technical Analysis The ONE coin price action rises above the resistance zone at $0.34 with a boom in buying pressure. The depth of the rounding bottom patterns hints at a possible 100% gain in the coin price. The crucial EMAs (50, 100, and 200) maintain a rising trend in the daily chart. These EMAs can act as dynamic support levels and help maintain the uptrend during each bear attack. The RSI indicator at 69% spikes higher to the overbought zone from the central line in the daily chart. Additionally, the 14-day SMA continues to rise higher, proposing a long-coming rally. The MACD indicator shows the MACD and signal lines rising higher after avoiding a bearish crossover in the daily chart. Moreover, the bullish histograms regain their strength, indicating a post-breakout bull run. Therefore, the ONE price action and the technical indicators showcase a high possibility of a breakout-backed bullish rally. That is why even safe traders can find high risk to reward position entries at current prices. Upcoming Trend The increasing buying pressure and the breakout of the rounding bottom pattern strengthen the underlying bullish momentum in the ONE coin. Therefore, Harmony is one of the few layer-1 altcoins showing a bullish upcoming trend despite the dark clouds over the crypto-verse. The price action indicates resistance levels at $0.45 and $0.53 after the primary resistance at $0.40. The support levels are at $0.34 and $0.30, which can halt the reversal from the trendline. In conclusion, the bullish breakout brings an excellent buying opportunity at current prices. And, a bull run above $0.55 is possible if the buying pressure sustains. Hence, traders can enjoy this bullish rally with little to no risk of a bearish downfall except for a retest.

The post ONE Technical Analysis: Rounding Bottom Breakout Unleashes the Long-Awaited Rally: Is This the Best Time to Buy? appeared first on Cryptoknowmics-Crypto News and Media Platform.

Source: https://www.cryptoknowmics.com/news/one-technical-analysis-rounding-bottom-breakout-unleashes-the-long-awaited-rally-is-this-the-best-time-to-buy/