Good day everyone. This is my second trade for the week and I have chosen to trade the ONE/USDT pair.
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Information About the Harmony Coin (ONE)
Harmony is a blockchain network on its own. It employs a modified version of Proof of Stake known as Effective Proof-of-Stake (EPoS), which allows for faster transactions and lower transaction fees than most blockchain networks. The token is the native token of the Harmony network, and hence it is used for several activities on the network. Some of them include staking, voting, transaction and gas fees, incentivizing validators on the network, and many more.
The Harmony Network was founded in the year 2017 as a company, and it began as a company in 2018. They had their initial exchange offering (IEO) in 2019 with the Binance Launchpad program. The main goal of its development is to solve some of the main challenges of the previous blockchain networks, especially with regard to the blockchain trilemma: scalability, security, and decentralization without sacrificing one for another. It uses sharding to foster scalable and secure transactions in a decentralized manner.
The Harmony network is also energy-sufficient as the consensus mechanism doesn't involve the consumption of large amounts of energy like in the Proof of Work blockchains. New transactions and the minting of new tokens are processed by the network's validators, who are individuals with higher stakes of ONE coin on the network.
There are many use cases for the harmony network, like other blockchain networks. The network is a cross-chain as it has the capability of sharing data with most of the other blockchain networks. Developers can develop dApps on the network, and they will be able to interact with other networks. There are a variety of projects running on the Harmony Network; some of them are Defi projects, NFT projects, decentralized exchanges, and many others. Some of the successful projects running on Harmony include Crypto Royale, OpenSwap, MochiSwap, Defi Kingdom, and many others. Harmony is backed by a solid team, with Stephen Tse as the founder and CEO, and his team, which consists of experienced people from various technology fields.
Harmony Core Team | Source
According to coinmarketcap.com, the current price of one is around $0.16, with a market cap of $1,891,043,127 and ranking 53rd . The total supply is 13,368,222,160 ONE, with a current supply of 11.81 billion. The all-time high of ONE is $0.3798 and this was achieved 4months ago. ONE is listed on almost all the popular crypto exchanges, like, Binance, Kucoin, Huobi, Gate.io, and others and users can buy the coin from any of those exchanges.
ONE coin info from coinmarketcap.com
Why am I optimistic about the ONE today, and how long do I think it can rise?
Harmony coin is gradually growing and it has a market cap of over 1.8 billion with higher trading volumes. The trading volume of ONE for the past 24 hours is $259,182,630. I am optimistic about the coin both in the long run and today, as the 24-hour trading volume is high and the momentum of buyers is currently higher than sellers. The price is trading above a strong support level, and with little push from the bulls, I believe the price will be pushed to the next resistance level. So in all, I am bullish about the coin today and will be taking profit at the next resistance level.
Technical Analysis of ONE/USDT
I used the 4 hours and 30-minute timeframes for my analysis today. The indicator set up constituted the EMA-100 and the Ichimoku clouds.
On the 4-hours chart, I was able to identify some strong support and resistance levels, and the price was seen to be trading above a strong support level. I added the EMA-100 and the price line was rising about the EMA line. I then reduced the timeframe to 30 minutes.
ONE/USDT 4hour timeframe chart| Screenshot from tradingview.com
In the 30 minute timeframe, the price was still indicating bullish signs. I added the Ichimoku clouds and the price was above the clouds in higher volumes. I was able to get an entry and the exit position was set with the 1:2 risk-reward ratio and the 1% rule.
ONE/USDT 30 minutes timeframe chart| Screenshot from tradingview.com
Order details
My plans for this coin and recommendations
Harmony is a solid project with many use cases for blockchain technology. The duration of this trade is just for today. A profit or stop loss will be executed when the target is achieved. For those who want to invest in the coin for the long term, I think it will be necessary to do extensive research on the future plans of the team with regard to its development, and I believe they are working harder for their user community. One is currently trading above a major support level, and it is possible to drop below this level before it gets to its all-time high.
CC: @reminiscence01