Harmony studio’s ONE cryptocurrency token can back up bullish speculations by analysts when it breaks away from its current resistance region of $0.287 in its price charts.
The cryptocurrency token has been on a downward resistance trendline, and experts have revealed that it will most likely break said resistance and restart a bullish run in the coming days.
Since hitting its peak price value of $0.38 in October, ONE has seen a gradual decrease in trade price. The token’s price fell to a regional low of $0.233 earlier this month on the 4th of December.
After its fall, ONE began consolidating at the $0.233 price region, unable to climb up to its previous support line and the $0.255 price region.
After the crypto market sell-off and subsequent correction, ONE leveraged the corrective trend to breach the $0.255 regional support line and continue its upward rise.
The fall and subsequent recovery of price value are known as bullish developments in the crypto community. It mostly indicates significant upward price movement. The $0.255 region, a previous all-time high resistance space, increasingly backs up this speculation.
ONE’s Price Chart Technical Indicators
Technical indicators that are available for price movement analysis have all turned ‘green’ and have indicated a possibility of a strong bullish run.
The MACD extension indicator, which constitutes short and long-term moving averages (MA), is rising steadily, gaining positive values. The positive value gain means that long term moving average has been suppressed by the short-term moving average.
The RSI, a mainstream momentum indicator utilized by expert analysts, recently crossed the 50 unit mark. Above 50 for RSIs indicates a possibility of a bullish run, and below 50 indicates a possibility of a bearish run.
ONE’s Short-term Price Action
In the technical analysis of ONE’s price movement, the six-hour chart has shown that the token has attuned itself to a descending resistance regional trend since its fall from grace.
The average price in the descending region coincides with the $0.287 resistance area, which was carved out with the aid of the 0.618 Fibonacci retracements resistance level.
A bullish reversal to reach its previous all-time high can be confirmed once ONE’s price action breaks the $0.287 resistance level.
Signs That Support ONE’s Retracement
As can be deduced from ONE’s wave count, there has been a noticeable overlap of ONE’s monthly low in November and its monthly high in December(red line). The marginal decrease in the price evidenced in the overlap can be attributed to the token’s A-B-C corrective framework.
This development shows an intrinsic correction completion, hence a subsequent upwards price movement.
Additional technical analysis post price prediction showed that the next possible resistance ONE would face will be at the $0.328 price region, which is slightly below its current all-time high.
If and when ONE successfully breaches the resistance and rises above it, indicators have shown that the next resistance will be at the $0.527 price region. The area was carved with the aid of the 1.61 Fibonacci retracement level.