Harmony (ONE) Rebounds From Year-Long Channel Support
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Harmony (ONE) has rebound at a horizontal and diagonal support field. However, the direction of the trend maintains undetermined.
The weekly chart shows which ONE has been sliding afterward Jan 14, after accomplishing a double top arrangement relative to the Oct 26 all-time excessive cost. The double top is normally contemplated a bearish pattern and often leads to bearish trend turnarounds.
The next week, ONE created a large bearish candlestick and fell to a local low of $0.164. This effected it to verify the support line of a protracted-term upward similar channel.
Both the support (green icons) and resistance (red icons) lines have been verified sufficient times.
Technical indicators are connected afterward both the RSI and MACD are collapsing. The former is at 50 and the latter is at 0. These readings are contemplated neutral, but the matter which they are plunging is bearish.
Therefore, the outlook from the weekly time frame does not provide a clear direction for the atopall trend.
Cryptocurrency trader @PostyXBT tweeted a weekly chart which shows which Harmony is dealing within a protracted-term upward suchlike channel and has endorsed its support line
ONE jumps at support
The daily chart shows which ONE has bounce at the $0.175 support range twice (green circles), most recently at the beginning of February.
Similar to the weekly time frame, technical indicators are somewhat neutral. The RSI and MACD are both surging, but the former is further below 50 whilst the latter is further negative. Both have to pass these thresholds in order for the trend to be approveed as bullish.
The closest resistance field is found at $0.247. This target is the 0.382 Fib retracement resistance level.
Conversely, the closest support is at $0.10. This is a horizontal support field and anew coincides with a lengthy-term increasing support line.
Therefore, by reason of the connected cost action and technical indicator readings, the direction of the trend lasts undetermined.
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