ONE Technical Analysis: Sellers Ready To Crack Bearish Triangle

Table of contents

  1. Past Performance of ONE
  2. ONE Technical Analysis
  3. Upcoming Trend

The lack of bullish commitment leading to a retracement forms a descending triangle with a base at $0.038, warns of a bearish continuation in ONE prices.

Key technical points:

The market prices slightly recover 0.65% over the past 24 hours.The bearish retracement within the descending triangle.The 24-hour trading volume of Harmony is $20.95 Million, indicating a hike of 5.55%.

Past Performance of ONE

ONE price showed a dramatic reversal from $0.038, which resulted in an increase of 36% increase to $0.053. However, it failed to exceed it, resulting in the retracement phase. The downward trend creates an upward trendline that forms the shape of a triangle with an initial base at $0.038mark. Conversely, a downward trend can increase the probability of a bearish drop.

TradingView Chart

Source- Tradingview

ONE Technical Analysis

Harmony (ONE) buyers exhibit a downward trend in intraday trading volume, which raises the probability of a bearish turn within the price trend. However, traders must look for a close below the base to ensure they don’t get caught in the reversal. The Bollinger bands exhibit a contraction period after the reversal of the lower band, which stabilizes the falling trend. However, the midline of the Bollinger bands provides a dynamic resistance to bullish growth.

The MACD and signal lines show an upward trend that continues the path to the zero line. But, the decreasing intensity in bullish histograms suggests a potential crossover representing trend reversal. In addition, the Stochastic RSI shows a relenting downtrend within the neutral zone as the crossovers become more frequent. Hence, the indicators weaken the underlying bullishness and warn of possible bearish fallout. In a nutshell, the ONE technical analysis highlights the potential fallout ready to reach $0.030.

Upcoming Trend

If sellers can break beneath the bottom of the triangle, a drop to the $0.030 in ONE market value is almost inevitable. But an upward breakout of the resistance trendline could lead to a price increase to $0.050.

Resistance Levels: $0.050 and $0.075

Support Levels: $0.038 and $0.030

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