The price of Harmony (ONE) has shown bullish signs and could be set for a major run against Tether (USDT) as it eyes $0.04.
Ethereum price rallied with so much strength from a region of $1,670 to $1,924 ahead of Ethereum merge. This has brought relief bounces for many altcoins including the price of Harmony (ONE).
Ethereum merge is an upgrade on the Ethereum network from Proof-Of-Work (POW) to Proof-Of-Stake (POS) so as to increase its network efficiency in transactions. (Data feeds from Binance)
Harmony (ONE) Price Analysis On The Weekly Chart
From the chart, the price of ONE saw a weekly low of around $0.0168, which bounced from that area and rallied to a price of $0.02950.
The price has built more momentum as it faces resistance at $0.037.
If the price of ONE on the weekly chart continues with this bullish structure, it could quickly revisit $0.037 and trend higher to $0.04.
Weekly resistance for the price of ONE – $0.03.
Weekly support for the price of ONE – $0.0168.
Price Analysis Of ONE On The Daily (1D) Chart
The price of ONE found strong support at around $0.0266, with what seems to be an area of interest on the daily chart.
ONE bounced from its support and has rallied as it faces resistance at $0.04. The price of ONE ranged in an asymmetric triangle before breaking out and forming support above it.
At the point of writing, the price of ONE is at $0.02960, above the 50 Exponential Moving Average (EMA) with a price of $0.0266.
If the price of ONE holds the support of $0.0266 successfully, we could see the price trending higher. If the price of ONE gets rejected, $0.0266, which corresponds with 50 EMA, will be good support for buys.
The Relative Strength Index (RSI) for the price of ONE on the daily chart is above 65, indicating healthy buy bids for ONE.
The volume for ONE indicates buy bids, this shows bulls would want to push the price higher.
Daily (1D) resistance for ONE price – $0.04.
Daily (1D) support for ONE price – $0.0266, 0.024.
Price Analysis OF ONE On The Four-Hourly (4H) Chart
The price of ONE has continued to maintain its bullish structure after a successful break above the asymmetric triangle and retesting to form a support.
ONE is trading above the 50 and 200 EMA with prices of $0.0258 and $0.0242 acting as its support on the 4H chart, should the price of ONE gets rejected due to the weekend sell-off.
If the price of ONE holds above the support of 0.02790 with a good volume, we could see the price trending to $0.04. In case ONE experiences a sell-off, 50 and 200 EMA prices would act as support for ETH prices.
Four-Hourly (4H) resistance for ONE price – $0.04.
Four-Hourly (4H) support for ONE price – $0.0258, $0.0242.
Featured image from TronWeekly, Charts from TradingView.com