2022 was a strong year for many projects. And we expect the same to happen in 2024, only with some better price movements. Several promising projects are already building or releasing new features. Harmony is one of them. Harmony is a unique project that employs a cross-sharding mechanism, greatly increasing its transaction speed. It is also one of the most secure networks due to its random selection of nodes. Here, we take a look at a Harmony (ONE) price prediction for 2024, using token analysis, past year analysis, and other factors to make an educated guess as to where the price might go.
This article may be outdated, we suggest you visit our new Harmony Price Prediction tool.
What is Harmony (ONE)?
Harmony is a layer-2 blockchain protocol i.e. that is created on top of the blockchain and improves its features. It facilitates the development of decentralized applications (DApps) by providing faster speeds cheaply.
Did you know? Harmony’s EPoS consensus mechanism aims at reducing centralization and maintaining scalability.
It does this through a network of nodes (1000 nodes, 800 of which are run by the community) and its sharding mechanism. The sharding technology splits the network into various segments called shards. Each of them can simultaneously validate their own transactions. So, this greatly improves the speed of the network.
In addition to this, Harmony uses an Effective Proof-Of-Stake consensus, differentiating it from other networks that employ sharding but use a proof-of-work consensus instead. Finally, the security of the network is further strengthened by the randomness in which nodes are selected, done by a Verifiable Random Function and Delayed Random Function.
“how to become part with harmony ecosystem?
to get you started, we offer task bounties, hackathon prizes, launch incentives…
which ONE are you?”
Stephen Tse, Founder of Harmony Protocol: X
Tokenomics
Harmony makes use of its native token, which is called ONE. It is used as a means of payment for different activities and allows users to function in the Harmony ecosystem.
There are free main functions for ONE:
- Used for staking in the EPoS mode, allowing stakers to earn rewards
- Used in order to pay transaction fees
- Gives holders voting rights in governance issues
The token has a maximum supply of 14.18 billion tokens, of which 13.7 billion are in circulation as of December 2023.
Here is how Harmony (ONE) moved in 2021:
ONE analysis
ONE’s price has decreased since Oct. 26, 2022, when it reached an all-time high of $0.38. The downward movement continued until Dec. 4, 2022, leading to a low of $0.233. However, after that, from December 2022 to December 2023, the prices dipped and stayed relatively flat.
Here is how we analyzed the bullishness back in 2022:
Another bullish development is the overlap between the Nov. 18 low and Dec. 19 high (red line). This suggests that the ongoing decrease is corrective. Therefore, it is likely that a new bullish movement was initiated on Dec. 4.
ONE is also following a descending resistance line, which is currently at $0.26. The rate of increase is expected to accelerate once ONE manages to break out from this line.
2022 Harmony (ONE) price prediction
2022 was the year when the price of Harmony peaked. And in that bullish phase, we analyzed the same and found some key levels. Upward movements usually transpire in five waves. Three of those are bullish, while two of them are bearish.
The first upward movement began in Mar. 2020 and developed over a period of 154 days. In it, ONE increased by 1,100%. The second one began in Jan. 2021 and developed over 89 days. It was much steeper than the first one since ONE increased by 5,400%.
While the current upward movement continued for 126 days, ONE has only increased by 668%. Therefore, it has been the shortest out of the three moves in magnitude.
Due to the aforementioned overlap, it seems possible that the move is not yet complete. A potential target for the top of the entire movement would be at $0.80. And while this level wasn’t reached, it does make a strong case when we plan on analyzing ONE in 2024. This is created by the 4.2 external Fib retracement level (white) when measuring the Apr–Jul drop. This could act as the top of the entire market cycle.
Afterward, ONE would be expected to correct considerably, potentially validating the previous high near $0.22.
2024 Harmony (ONE) price prediction
In 2022, ONE reached $0.37 in 2022. However, 2023 wasn’t the best year, as ONE could only reach a high of $0.028 and made a low of $0.00881. But we expect things to change in 2024. Here is why:
It is fascinating to see ONE on the verge of completing the Cup formation. If ONE reaches $0.026 anytime soon and consolidates for a while, we can presume it completes the cup-and-handle formation.
Even the RSI, with the higher high formation, is validating the upward momentum. For a continued move to the upside, the first level of breach would be $0.0299. If that happens, ONE might have the legs to head to the crucial resistance level of $0.0536 in 2024.
Will cross-sharding take over?
There are only a few blockchain protocols that employ a sharding mechanism as a scaling solution, and Harmony also uses cross-sharding. Other scaling solutions are the Lightning Network, Segwit2x, and the Raiden network. It remains to be seen if one of these will be adopted as the standard for cryptocurrencies.
Harmony also does a fantastic job of improving its security through its randomness feature. In turn, this fixes one of the biggest disadvantages of sharding.
Frequently asked questions
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