Harmony's ONE Token Targets $1 After Breaking All-Time High
Harmony targets new all-time highs after slicing through critical resistance.
Key Takeaways
- Harmony’s ONE token is up 126% since Oct. 1.
- Further continuation of the uptrend can be expected despite the current gains.
- A cup and handle pattern is indicating a $1 target in a bullish scenario.
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Scaling cross-chain network Harmony has entered a new bull run. The ONE token looks unstoppable at current price levels and could target $1 by the end of the year.
Harmony Primed For Higher Highs
Harmony is in full price discovery mode and looks to be heading towards higher highs after breaking through crucial resistance.
Since the beginning of the month, Harmony’s native token, ONE, has enjoyed sustained bullish price action, surging by 126%. The upward impulse allowed the ONE token to breach its $0.225 resistance barrier to enter price discovery mode. Now, it faces little opposition preventing it from reaching new record highs.
From a technical perspective, Harmony’s price action since late March has led to the formation of a cup and handle on its daily chart. This type of technical pattern is considered a bullish signal, indicating an extending uptrend and is used to spot opportunities to go long. It suggests that Harmony is now bound for a possible 200% upswing that could see it reach $1 before the end of the year.
Such a bullish target is determined by measuring the distance between the bottom of the cup and the pattern’s breakout level, extending that distance upward from the breakout.
The optimistic outlook should prevail as long as Harmony continues to hold above the $0.225 support. Any signs of weakness at this level could encourage investors to sell and avoid potential losses. If this were to happen, the ONE token would target $0.16 in a bearish scenario.
Disclosure: At the time of writing, the author of this feature owned BTC and ETH.
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