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Harmony ONE Price Prediction: Is it Safe to Buy the Dip?

Harmony ONE Price Prediction: Is it Safe to Buy the Dip?

Last updated 28th Jun 2022
Disclosure
  • Harmony ONE price has been in a strong bearish trend.
  • Hackers stole $100 million from Harmony’s Horizon Bridge.

Harmony ONE price continued its bearish trend after a major hack in the ecosystem. The ONE token is trading at $0.024, which is the lowest it has been since March 2021. It has dropped by 95% from its all-time high. As a result, its market cap has crashed to more than $243 million.

Harmony Bridge hacked

Harmony is a leading blockchain project that helps developers build super-fast and cheap applications. The average transaction per second (tps) in Harmony is 2 seconds while the average cost per transaction is $0.0001.

It is a Zero-knowledge (ZK) rollup platform that has been used to build hundreds of applications. According to its website, it has over $1.09 billion in total value locked (TVL). Some of the top applications in Harmony are SushiSwap, DeFi Kingdoms, AAVE, and Curve Finance.

The Harmony price is tumbling after the developers announced a major hack of its bridge network. In a statement, they said that they had identified a theft that happened in Horizon Bridge. In total, the criminals stole about $100 million in form of coins like Wrapped Ether, Frax, Aave, and Sushi.

Horizon is a bridge that facilitates the transfer of tokens between Harmony and other blockchains lik Ethereum, Binance Chain, and Bitcoin. The current announcement came a few days after Harmony reported of an attempted hack in its Bitcoin ecosystem.

Find out more about how to buy Harmony ONE.

This is not the first time that hackers have targeted a bridge. In September last year, criminals stole $130 million from an Avalanche cross-chain bridge. The affected chains were Zebu Finance and Vee Finance. In another hack on a bridge, hackers stole over $320 million from Wormhole, a Solana bridge.

So, will Harmony price survive this? While Solana and Avalanche did well after the two hacks, the challenge is that these hacks came in a time when trust in blockchain is sliding. Investors have lost over $2 trillion in assets and respected companies like Celsius and Three Arrows are on life support.

Harmony ONE price prediction

The daily chart shows that the ONE price has been in a strong bearish trend in the past few months. This sell-off started when the coin formed a double-top pattern at $0.3741. It then moved slightly below the chin of this pattern at $0.1344

The coin has dropped below the 25-day and 50-day moving averages. It also dropped below the important support level at $0.044, which was the lowest level in June last year while the Relative Strength Index has moved to the oversold level. Therefore, the path of the least resistance for Harmony price is lower, with the next key support being at $0.010.

Crispus Nyaga

Crispus Nyaga

Crispus is a financial analyst with over 9 years in the industry. He covers cryptocurrencies, forex, equities, and commodities for some of the leading brands. He is also a passionate trader who operates his family account. Crispus lives in Nairobi with his wife and son.