Harmony (ONE/USD), a token that has attracted many investors due to its recent rally, after rising more than 100% in less than a month, may still rebound further. Traders who may have missed the previous rally may not have to worry as a new rally could be seen soon. Harmony is a fast, open blockchain whose mainnet runs Ethereum applications with 2 second transaction completion and 1000 times lower rates. Harmony is an open platform for assets, collectibles, identity and governance. Its secure bridges offer asset transfers between chains with Ethereum, Binance and 3 other chains. That's why many investors see enormous potential in One.
Investors enjoyed a strong rally in One last month, where One rose more than 100%, and that could only be the start of the rally. One has dropped more than 15% in the past few days, however this could only be a small setback before one starts its bullish again. Thus, investors must be patient and wait for the right moment to enter. It is only 30% away from reaching a new all-time high, and looking at the momentum shown in the past, a new high could be reached soon. So should you buy one before it starts going up again?
Here's what the graphics are pointing at –
One fell more than 15% after a strong rally seen last week, however it is now trading at crucial support.
Strong support can be seen at $0.263 which is also the 0.618 Fibonacci level. In early December, One gained support at the 0.618 level before rising further and it looks like a similar move will be seen once again.
Traders may enter once a clear reversal is seen with a target of a new all-time high, however a stop-loss should be kept below the support zone.
The post This is why the rally in Harmony may not be over yet appeared first on Bitcoin Guide .