The Harmony ONE worth has pulled again prior to now few days as demand for the coin stays at a considerably low degree. The coin has crashed to $0.023, which was the bottom 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 Concord?
Concord is a blockchain venture that was not too long ago one of many largest challengers to Ethereum’s dominance. The community was created utilizing a know-how generally known as sharding that was first launched by Zilliqa.
Sharding creates scale and throughput in blockchains by breaking down the blocks into smaller items generally known as shards. Concord’s sharding solves the 2 foremost challenges that Zilliqa has. It introduces the idea of dividing the storage of blockchain knowledge. Additional, it solves the problem of Proof of Work (PoW) by utilizing a proof-of-stake strategy.
As such, Concord 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. Among the prime functions which were created in Concord are DeFi Kingdoms, Tranquil Finance, Synapse, FoxSwap, and SushiSwap.
Not too long ago, nevertheless, the Concord ONE worth has struggled because the variety of folks utilizing its functions has dropped dramatically. Certainly, the whole worth locked (TVL) locked within the ecosystem has crashed from over $1.5 billion to simply $43 million.
Whereas most blockchains, together with Ethereum, have seen a pointy decline of TVL, Concord’s has been extra dramatic. Analysts imagine that the scenario is generally due to the current $100 million hack that was attributed to North Koreans. The hack occurred after the attackers managed to breach a bridge that related Concord to Ethereum.
Subsequently, whereas many blockchains have recovered a part of their TVL not too long ago, Concord’s has continued to drop prior to now few months.
Concord ONE worth prediction
The four-hour chart exhibits that the ONE worth has been making an attempt to recuperate prior to now 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.
Concord has moved barely beneath the 25-day and 50-day transferring averages whereas the Relative Power Index (RSI) is pointing downwards.
Subsequently, the coin will seemingly proceed falling contemplating that the restoration has discovered a robust resistance at about $0.027.