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A V-Top reversal from the $0.162 resistance annihilated the entire March recovery gains by dropping the Harmony(ONE) price back to 0.116. Responding to the descending triangle pattern, the coin price breached the $0.116 neckline and reached the immediate support at $0.1. A fallout from this support suggests the selling attempt for another leg down.
Key points:
The ONE price dropped 27.6% since last week
The 50-and-100-day EMA offers dynamic resistance to ONE price
The 24-hour trading volume in the Harmony coin is $73.8 Million, indicating a 24.3% gain.
Source-Tradingview
The ongoing correction phase initiated from the $0.162 resistance tumbled the Harmony(ONE) price by 50%. The bear cycle breached some significant support, such as 20-day EMA and $0.14, before hitting the $0.116 mark.
The ONE price resonated within a descending triangle for nearly three months and breached the $0.116 neckline on April 24th. The released bearish momentum made a quick strike to the neighboring crucial support of $0.1
The ONE price currently trades at $0.083, with an intraday loss of 8%. If sellers managed a sustain below the $0.1 support, the selling pressure would intensify and drive the 38% lower to the $0.053 mark.
In addition, the traders are aggressively selling to bullish pullbacks on the descending resistance trendline, and therefore, traders can maintain a strong selling sentiment until this resistance is intact.
Technical indicators:
The 50-and-100-day EMAS provides dynamic support for short and long bullish pullbacks. Moreover, the declining nature of these EMAs highlights a bear trend.
The Daily-RSI slope has fallen into the overbought region, suggesting the overextended selling from traders.
Escaping a bullish crossover, the MACD and signal lines drop lower into the bearish territory. The rising red bars on the histogram chart indicate sustained selling from the traders.
Resistance levels: $0.1, $0.116
Support levels: $0.72 and $0.53
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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