The Harmony ONE price has pulled again in the previous few days as demand for the coin stays at a considerably low degree. The coin has crashed to $0.023, which was the lowest degree since July nineteenth of this yr. It has dropped by greater than 16% from its highest degree on Thursday, bringing its whole market cap to over $284 million.
What occurred to Harmony?
Harmony is a blockchain undertaking that was not too long ago one of the largest challengers to Ethereum’s dominance. The community was created utilizing a know-how often called sharding that was first launched by Zilliqa.
Sharding creates scale and throughput in blockchains by breaking down the blocks into smaller items often called shards. Harmony’s sharding solves the two foremost challenges that Zilliqa has. It introduces the idea of dividing the storage of blockchain knowledge. Further, it solves the problem of Proof of Work (PoW) by utilizing a proof-of-stake strategy.
As such, Harmony is totally scalable, has safe sharding, is very environment friendly, and has constant cross-shard transactions. All these qualities made it effectively acquired by builders. Some of the high functions which have been created in Harmony are DeFi Kingdoms, Tranquil Finance, Synapse, FoxSwap, and SushiSwap.
Recently, nevertheless, the Harmony ONE price has struggled as the quantity of individuals utilizing its functions has dropped dramatically. Indeed, the whole worth locked (TVL) locked in the ecosystem has crashed from over $1.5 billion to simply $43 million.
While most blockchains, together with Ethereum, have seen a pointy decline of TVL, Harmony’s has been extra dramatic. Analysts consider that the state of affairs is usually as a result of of the current $100 million hack that was attributed to North Koreans. The hack occurred after the attackers managed to breach a bridge that related Harmony to Ethereum.
Therefore, whereas many blockchains have recovered half of their TVL not too long ago, Harmony’s has continued to drop in the previous few months.
Harmony ONE price prediction
The four-hour chart exhibits that the ONE price has been trying to get better in the previous few weeks. It has risen by about 42% from its lowest degree this yr. The coin stays above the ascending trendline that’s proven in black.
Harmony has moved barely beneath the 25-day and 50-day shifting averages whereas the Relative Strength Index (RSI) is pointing downwards.
Therefore, the coin will probably proceed falling contemplating that the restoration has discovered a robust resistance at about $0.027.
