Positivity continues to spread throughout the crypto ecosystem as Bitcoin continues to climb in price. In the midst of this, the Harmony platform is coming off pretty well, and its native ONE token just hit a new all-time high.
At the time of writing ONE is trading at $ 0.21, accumulating a 6% loss in the last 24 hours and a 28% gain in the last 7 days.
Its market capitalization is $ 2.307 million, and it is ranked 58th in the CoinMarketCap ranking.
If you want to know what has brought this cryptocurrency so high, then stay and review this post.
Created in 2017 by a team of 12 people, of which 7 are former employees of Google, Amazon, Apple and Microsoft. It is a blockchain network that aims to facilitate the creation and use of decentralized applications, better known as DApps.
Harmony aims to innovate the way DApps work, using random state fragmentation capable of creating blocks in seconds.
It was created by Stephen Tse, who has a Ph.D. in cryptographic protocols and type theory from the University of Pennsylvania. His professional career includes a research fellowship at Microsoft, Senior Engineer at Google, founded a successful search engine called Spotsetter which was later bought by Apple, and went on to become Apple’s chief engineer.
The best of Harmony
What has led this network to position itself where it is today is its speed to complete and validate transactions of up to 2 seconds, in addition to its goal of revolutionizing the way blocks are created.
With the fragmentation process, Harmony significantly reduced node validation times. And to ensure it’s a safe process, they introduced the Verifiable Random Function (VRF), which randomly assigns nodes and validators.
Another factor that has attracted the attention of this blockchain is its ability to offer cross chain bridges to important networks such as Bitcoin, Ethereum, Binance Smart Chain and Polkadot.
The latest bullish catalyst
At the beginning of September we saw a rise of more than 100% in the price of the ONE token, following the announcement of a $ 300 million fund to accelerate the development of DApps on the Harmony blockchain.
Today, we are announcing our $ 300 million ecosystem fund to accelerate 10,000 builders.
The @harmonyprotocol ecosystem has been growing exponentially and we aim to fund 10,000 more crypto founders, builders and creatives.
Let’s build the future together: https://t.co/6Yb9DoAa65
– Harmony 💙 (@harmonyprotocol) September 9, 2021
A major correction would quickly begin, as the entire crypto market did so on par.
Now that positivism has returned, and various projects have begun to be financed with that fund, the ONE token has once again hit all-time highs.
Harmony Technical Analysis (ONE)
On the ONE vs USD daily chart we notice a clear short-term uptrend, followed by the 8 EMA and 18 SMA.
The short-term momentum that started yesterday appears to have ended, having been hampered by resistance at $ 0.23 (the previous all-time high).
Now a correction is in the works, and you may quickly get demand to slow it down to kick off a new bullish momentum.
On the weekly candle chart we see the importance of the resistance at which the price stopped.
However, the medium-term trend is clearly bullish, and we are seeing momentum develop that could well extend a lot further, as it has not yet broken through the previous high.
Thinking of a 100% profit from the current point seems quite feasible as long as we don’t see what immediate supports are traversed.
Technical analysis of the ONE token, native to the Harmony network. Source: TradingView.
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