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Harmony ONE worth has been in a sturdy bearish pattern previously few months. It dropped to a low of $0.016, which was the bottom degree since February 2021. It has fallen by greater than 94% from the very best degree, making it one of many worst performers within the trade.
Why has Harmony crashed?
Harmony is a blockchain challenge that hopes to assist builders construct quick decentralized purposes (dApps). Apps in its ecosystem full transactions in lower than 3 seconds. Some of the highest purposes in its ecosystem are SushiSwap, Tranquil Finance, and Synapse amongst others.
Harmony was one of many largest initiatives within the blockchain trade. This modified a few months in the past afer the large hack that led to a loss price over $100 million. According to US investigators, the Horizon Bridge hack was instigated by North Korean hackers.
As a outcome, the whole worth locked (TVL) within the community crashed from an all-time excessive of over $1.3 billion to lower than $30 million. This explains why ONE worth has crashed previously few months. Indeed, solely 5 purposes in its ecosystem have a TVL of over $1 million.
Harmony has been engaged on how to repair the community after the hack. In a assertion, the builders introduced that they’d determined not to mint tokens to compensate those that misplaced their funds. They stated:
“We propose not minting more ONE tokens nor changing our tokenomics with a hard fork of the protocol. Instead, we propose deploying our treasury towards both recovery and development.”
Still, from a elementary perspective, Harmony has a good distance to go to regain its belief amongst builders and traders.
Harmony ONE worth prediction
The each day chart exhibits that Harmony has been in a sturdy bearish pattern previously few months. It has managed to transfer under the 25-day and 50-day shifting averages. Its quantity has crashed as demand stays a lot decrease. The MACD has moved to the impartial degree.
ONE worth has additionally shaped what seems like a head and shoulders sample. Therefore, the coin will doubtless have a bearish breakout within the coming weeks. If this occurs, the subsequent key assist degree to watch will probably be at $0.015.
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