Harmony (ONE) has been trending in the recent timeframes as it entered into a strategic partnership with Terra (LUNA). Both the cryptocurrencies have been rallying because of the partnership. Harmony crypto is on a steep upward trend. At the time of writing, ONE coin stands at a price level of $0.082. The price has increased by 15% in the past twenty-four hours while the trading volume has shot up by 230%.
Harmony (ONE) technical analysis
The market outlook for the cryptocurrency is bullish. Out of the total twenty-six technical indicators, eleven are giving out a buy indication with eight standing at a neutral position and seven indicators at sell. The oscillators are mainly bearish while the moving averages are bullish.
Harmony had been operating in a falling wedge formation. The falling wedge is a bullish pattern and indicates the onset of increased bullish momentum in the market. Harmony crypto is under strong bullish pressures which resulted in the cryptocurrency breaking out early from the formation to the upside. The breakout has confirmed the strength of the bulls. Harmony coin will be facing a strong resistance level at $0.12. The price action will be crucial at the resistance level as it will determine the future trajectory of the cryptocurrency.
What is causing the bullish momentum?
Harmony and Terra entered into a partnership which will bring Terra’s UST to Harmony to be used in applications on the blockchain. Terra and Harmony have also agreed to explore DeFi initiatives together. But that is not all. Harmony’s development team has also been busy. SushiSwap recently integrated with Harmony – deploying all of Sushi products onto the blockchain of Harmony. The partnership is expected to bring millions of people into the DeFi space. Another milestone was achieved by Harmony’s team as the blockchain development platform Tatum also integrated Harmony. Tatum’s infrastructure will allow Harmony’s users to experience various benefits.
