The Harmony ONE price has gone nowhere in the past few days. The token is trading at $0.0470, where it has been since May 12th. The price is about 53% above the lowest level this month, bringing its total market cap to about $569 million, Other cryptocurrencies like the Basic Attention Token, Synthetix, and Enjin Coin have been ranging as well.
Harmony is a leading blockchain project that runs on Ethereum’s mainnet. It is a layer 2 project that helps developers to optimize their applications. Harmony is well-known for the speed of transactions, which take on average about 2 seconds to complete. Like other layer 2 platforms, it is also cheap, with the average cost of a transaction being about 100 times cheap.
Harmony is highly popular among developers. According to its website, DeFi applications in its system have a total value locked (TVL) of more than $1.01 billion. DeFi Llama, in its part, shows that the network has a TVL of over $166 million. Some of the apps built using Harmony are DeFi Kingdoms, Tranquil Finance, AAVE, and Curve.
The Harmony ONE price has been in a consolidation phase in the past few days as investors embrace a wait-and-see approach. The same has been happening among other cryptocurrencies like Bitcoin and Ethereum. So, what next for the Harmony One price?
Harmony ONE price prediction
The four-hour chart shows that the ONE price has been in a tight consolidation phase in the past few days. The coin has moved sideways and is consolidating at around the 25-day and 50-day moving averages. At the same time, the MACD has moved slightly below the neutral level. It has also formed what looks like a symmetrical triangle pattern that is shown in red.
Therefore, Harmony price will likely continue its consolidating phase in the past few days. It will then have a bullish or bearish breakout in the coming days. If this happens, the next key support and resistance level will be at $0.043 and $0.052.