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The Harmony ONE price has pulled again in the previous few days as demand for the coin stays at a considerably low stage. The coin has crashed to $0.023, which was the lowest stage since July nineteenth of this 12 months. It has dropped by greater than 16% from its highest stage on Thursday, bringing its complete market cap to over $284 million.

What occurred to Harmony?

Harmony is a blockchain mission that was lately one of the greatest challengers to Ethereum’s dominance. The community was created utilizing a expertise referred to as sharding that was first launched by Zilliqa. 

Sharding creates scale and throughput in blockchains by breaking down the blocks into smaller items referred to as shards. Harmony’s sharding solves the two important challenges that Zilliqa has. It introduces the idea of dividing the storage of blockchain information. Further, it solves the problem of Proof of Work (PoW) through the use of a proof-of-stake strategy. 

As such, Harmony is absolutely scalable, has safe sharding, is very environment friendly, and has constant cross-shard transactions. All these qualities made it properly acquired by builders. Some of the prime purposes which have been created in Harmony are DeFi Kingdoms, Tranquil Finance, Synapse, FoxSwap, and SushiSwap. 

Recently, nonetheless, the Harmony ONE price has struggled as the quantity of folks utilizing its purposes has dropped dramatically. Indeed, the complete worth locked (TVL) locked in the ecosystem has crashed from over $1.5 billion to simply $43 million. 

While most blockchains, together with Ethereum, have seen a pointy decline of TVL, Harmony’s has been extra dramatic. Analysts imagine that the state of affairs is usually as a result of of the latest $100 million hack that was attributed to North Koreans. The hack occurred after the attackers managed to breach a bridge that related Harmony to Ethereum. 

Therefore, whereas many blockchains have recovered half of their TVL lately, Harmony’s has continued to drop in the previous few months.

Harmony ONE price prediction 

The four-hour chart reveals that the ONE price has been trying to get well in the previous few weeks. It has risen by about 42% from its lowest stage this 12 months. The coin stays above the ascending trendline that’s proven in black. 

Harmony has moved barely beneath the 25-day and 50-day shifting averages whereas the Relative Strength Index (RSI) is pointing downwards. 

Therefore, the coin will doubtless proceed falling contemplating that the restoration has discovered a powerful resistance at about $0.027.