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Harmony ONE Price Analysis: Can It Recover 32,103% Gains?

Can HARMONY ONE Return 32,103% GAINS?
Can HARMONY ONE Return 32,103% GAINS?

Harmony ONE, a blockchain-based platform for decentralized applications (dApps), has experienced significant price fluctuations since its launch. While the token has witnessed impressive gains in the past, the current market conditions warrant a cautious approach.

Short-Term Analysis: Corrective ABC Structure and Overbought/Oversold Conditions

In the short-term, Harmony ONE has undergone a corrective ABC structure, indicating a bearish trend. The recent bearish shift suggests an upward move to retest previous levels. Stochastic oscillators on the 1-hour chart indicate oversold conditions, hinting at a potential upside push. However, the 4-hour chart signals overbought conditions, suggesting a possible continuation of the downward trend.

Potential Retracement Levels and Internal Sell Order Blocks

Analyzing potential retracement levels, the price could move towards 1.1386 to 1.1546, followed by a further downside break. An internal sell order block could hinder an upward move, potentially leading to a continuation of the bearish trend.

Daily Chart Analysis: Bounce from Target Area and Potential Bottom

On the daily chart, Harmony ONE bounced from the target area between 0.939 and 0.612. The current bear market low of 0.860 could potentially indicate a bottom for Harmony ONE. However, a change in character is observed, and the sustainability of the corrective move remains uncertain. Resistance lies at the 200 EMA, while potential support exists at the 50 EMA and 50 SMA.

Weekly Outlook: Optimal Buying Range and Potential Retest

The weekly chart shows a 97.74% decline from the all-time high on October 25, 2021. This suggests an optimal buying range for Harmony ONE in the current discount zone. The price could retest 1.15 to 0.663, a previous area of support/resistance.

Smart Money Concept and One-to-One Retracement

Smart money concepts on the weekly chart show mixed signals, with a weak high and a weak low. While a one-to-one retracement towards $211 could occur in a new bull market, caution remains necessary.

Long-Term Prospects: Dollar-Cost Averaging and Staking

Despite team changes, Harmony ONE is believed to have a future. The current price presents a fantastic opportunity for dollar-cost averaging. While reaching the previous all-time high remains uncertain, there is potential for significant gains.

Community Engagement, Safe Trading, and Passive Income

Active community engagement and discussions are encouraged for informed decisions. A Discord channel is available for continuous discussions. Emphasizing safe trading practices, tight stop-loss orders are recommended.

Conclusion: Cautious Optimism and Informed Trading

While acknowledging the current bearish trend, optimism remains for potential future gains. Technical indicators and market sentiment are cautiously assessed. Community involvement and safe trading practices are emphasized.

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