The Harmony price approached its all-time high on Friday as interest in Ethereum-killers jumped. The ONE token jumped to $0.2068, which was the highest level since March this year. This rally pushed its total market capitalization to more than $1.9 billion, making it the 67th biggest cryptocurrency in the world.
Harmony ONE overview
Harmony is a third-generation blockchain project that seeks to address some of the challenges that face traditional platforms like Ethereum and Bitcoin. The network solves these challenges by having a full scalable, provably secure, and energy-efficient platform that uses sharding and a proof-of-stake technology.
Sharding is a blockchain technology that was first started by Zilliqa, now the 81st biggest cryptocurrency in the world. This technology works by breaking up data into two or more chunks, which in turn, helps it process more transactions per second.
The only difference between Zilliqa’s and Harmony’s sharding is that the former uses a proof-of-work system to achieve its mission. Harmony, on the other hand, uses a proof-of-stake technology that is made up of thousands of validators.
Another technology used by Harmony is known as the Distributed Randomness Generation that makes it unpredictable, unbiased, verifiable, and scalable. As a result, Harmony beats Ethereum and some of other Ethereum-killers in several metrics.
For example, its transaction finality is 2 seconds while ETH has a finality of about 6 minutes. It also has fewer validators than Ethereum while its transaction fees are significantly lower.
These features have made Harmony a leading platform in building decentralized applications (DAPPs) and others seeking cross-chain functionality. And this week, the Harmony Foundation announced that it will scale the ecosystem by providing millions of dollars. The company aims to support 10,000 startups with about $180 million. It hopes to spend $50 million of these funds on Decentralized Autonomous Organizations (DAOs).
Harmony price prediction
The daily chart shows that the ONE price has been on a strong bullish trend. The coin has jumped by almost 300% from its lowest level in July. At its peak today, Harmony was only 1% below its all-time high. The coin is significantly higher than the 25-day and 50-day EMA while the Relative Strength Index (RSI) has been on an upward trend.
Notably, Harmony has formed a cup and handle pattern, which is usually a sign of bullish continuation. Therefore, the coin will likely maintain a bullish trend as bulls target the all-time high of $0.2245. A break above this level will see the price rising to the next psychological level of $0.2500.
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