The Harmony price has defied gravity in the past few days. ONE, its native token, is trading at $0.24, which is about 82% above its lowest level this month. Its total market capitalization has jumped to more than $2.7 billion, making it the 59th biggest cryptocurrency in the world.
What is Harmony?
Ethereum is the world’s most popular smart contract platform in the world. Developers use it to develop decentralized autonomous organizations (DAOs). Some of the most popular platforms built using Ethereum’s technology are Aave, Uniswap, Decentraland, and even Shiba Inu.
While Ethereum is popular, it has some key challenges that developers and users face. For example, it is a relatively slow platform. Indeed, it takes a few minutes before a transaction in its network is confirmed. And when this happens, the cost is usually relatively high.
This is where layer-2 networks come in. These are blockchain platforms whose goal is to make Ethereum applications faster and more effective. Harmony is one of the fastest-growing layer 2 networks for Ethereum. Others are Polygon, Loopring, and Immutable X.
Harmony-optimized applications are significantly faster than ordinary ones. They have a transaction finality of about 2 seconds while fees are lower by about 1,000 times. Harmony also offers a cross-chain asset transfer with Ethereum and Binance Smart Chain.
Today, there are more than 227 apps optimized using Harmony’s technology. These apps have about 403k wallets and more than $244.7 million in assets.
According to DeFi Llama, Harmony is the 20th biggest DeFi platform in the world. It has about 32 applications that have a total value locked (TVL) of more than $594 million. ONE is the native token for the network.
Harmony ONE price forecast
The daily chart shows that the Harmony price surged to an all-time high of $0.3998 in November this year. This was a strong performance since it was about 785% above the lowest level in July this year. These gains were short-lived as the price declined by 65% and reached a low of $0.1366 in December.
ONE price has bounced back recently even as other coins have remained under pressure. It has moved slightly above the 25-day and 50-day moving averages (MA) while the MACD indicator has moved above the neutral line.
Therefore, there is a likelihood that the coin’s price will keep rising as investors target the next key resistance at $0.35, which is about 40% above the current level.
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