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18 Jan 2022

ONE - Harmony

Market Discovery of the most influent markets in the cryptocurrency world.

What is Harmony (ONE)?

Harmony is an open platform for assets, collectibles, identity, and governance. Its secure bridges offer cross-chain asset transfers with Ethereum, Binance and 3 other chains. The main reason for which Harmony was built was to solve the issues of scalability and decentralization of the blockchain without compromising each other.

It does this by resharding and securing staking through a decentralized randomizer method. This technique splits the blockchain network into parallel chains, to improve the speed and efficiency of the Harmony network whilst keeping a lower cost. This strategy allows transactions to be confirmed on the blockchain within as little as two seconds and costing on average less than 100x that of the Ethereum network.

Harmony - ONE features

Harmony is also known for its efforts as a 'Scaling Ethereum Application and Cross-Chain Finance' has explained on its whitepaper that it aims to deliver the following goals:

  • Harmony wants to remove structural limitations preventing the cryptocurrencies from becoming genuine digital money - This mainly applies to Bitcoin and Ethereum where due to the increase in popularity, the costs are high and therefore can't be used as a payment system;

  • Higher transaction throughout without sacrificing other features. Other blockchains such as EOS or IOTA tried replacing consensus models with directed acyclic graphs (DAG). This came at the expense of security and decentralization which Harmony aims to preserve by creating shards (groups) of validators that would be able to process transactions simultaneously on parallel chains;

  • Harmony's consensus protocol aims for speed and energy efficiency. This is made possible by the Fast Byzantine Fault Tolerant protocol (FBFT), that employs parallel transaction processing to scale with the size of the network and effectively tackle its connection latency.
Other key areas that Harmony has focused on are data sharing and the creation of a marketplace of non-fungible (NFTs) and fungible assets.
Harmony One crypto is the coin of the Harmony blockchain. It operated with a distinct PoS mechanism, effective proof of stake (EPoS), and its main use case is for governance purposes.

One coin can be stored in the One wallet, which allows for Harmony one stacking.

Harmony One holders can delegate their coins to existing validators using the following staking explorer: https://staking.harmony.one/. If the tokens are delegated to an elected validator, a portion of the block reward earned by the validator will be credited to the delegator.

Coin Analysis

Last update 18/1/2022
Harmony Coin (ONE) originally launched in May of 2019, and was one of few projects to be part of the initial exchange offering (IEO) on the Binance Launchpad. Most of the IEOs on Binance ended up being successful and performing quite well in regards to price.

However, after launch, ONE wasn't initially successful. Mainly due to the period in which it was released, the first few months saw its price declining. After launching at $0.02, it found its bottom the following March when its price touched levels as low as $0.0014.
ONE/USDT daily candle chart with supports, resistance and 20/50/100 EMA key level
ONE/USDT daily candles chart
After the initial bottoming period, Harmony coin has performed really well, in particular at the end of 2020, where it saw its price rise exponentially. By late March 2021, the price had reached an all-time high of $0.22, or over x10 from the initial launch on Binance. ONE then proceeded to retrace all the way back down to $0.05, before retesting the ATH a few months later and breaking this level into new ATHs.

Ever since Harmony has followed quite well its moving averages. In the bull runs it has bounced on and between the 20EMA and the 50EMA. Whilst during its retractions it has bounced on the 200EMA. The current price level just rejected an upper resistance that is also on the ATH level.

Harmony price prediction would suggest that ONE is in the position to keep on growing in 2022, and could explore new ATHs sooner than later. As price has currently been rejected by the resistance of $0.35, it is ranging between that level and the lower support of $0.27, which is also where the current 50EMA is. If the prices manage to hold and push upwards, new ATH could be reached in the first quarter of 2022.
ONE is available for trading on yanda.io dApp.

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Author: Matteo Poole
info@yanda.io