Harmony (ONE) Slips Further Down Searching for Support

ONE has been increasing since the beginning of March when it reached a low of $0.00118. The increase accelerated at the end of June, when it was able to move above the $0.005 resistance area and reach a local high of $0.0143 on Aug 14.

ONE’s Roller Coaster Ride

The high was hit slightly above the 0.382 Fib level but below the 0.5 Fib ($0.016). This would be the next resistance to the upside if ONE manages to climb back. This won’t likely happen anytime soon, however, as the price has been consistently decreasing since reaching this top. The closest support area before today was found near $0.005, but even that has been broken during Sept 21.

Descending Resistance Line

Since the aforementioned high was reached, ONE has been decreasing alongside a descending resistance line. The price reached this line along with the $0.008 resistance area on Sept 12, was rejected, and has continued its descent since. If ONE is able to move back above this descending resistance, the $0.008 level would be expected to act as resistance once more. Technical indicators show that the rally is overextended, but do not confirm a reversal yet. While the MACD is increasing, both the RSI and the Stochastic oscillator are moving down — the former is oversold, the latter is very close to reaching oversold territory.

Wave Count

Cryptocurrency trader @Mesawine1 stated that the ONE price looks to be reaching the end of its correction and expects a reversal in the near future.

If ONE has been correcting since Aug 14, the correction has taken the form of an A-B-C structure and appears to be nearing the end of the C wave (in orange below), which is transpiring inside a bearish impulse (black). A likely level for the downward move to end would be at $0.0044, in which the C and A waves would have a 1.61:1 ratio, which is very common for such corrections.

To conclude, ONE looks to be approaching the end of its corrective period. A likely area for a low to be reached might be found near $0.0044. For BeInCrypto’s latest Bitcoin (BTC) analysis, click here!