Harmony (ONE) had suffered a significant sell-off firstly of April. The coin actually hit the bottom stage because the tail finish of February and was wanting bearish. However to this point, it looks like the token is rebounding. How lengthy can this uptrend final? Study extra under however first, listed below are key takeaways from the article:
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Concord has managed to keep up robust assist at $0.1130 in latest weeks.
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The coin has surged by 6% within the final 24 hours albeit it stays 10% down for the week.
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The rally over the previous few days appears unlikely to final that lengthy.
Knowledge Supply: Tradingview
Concord (ONE) – Why the latest uptrend will fade?
There’s a very huge distinction between a rebound and a pattern reversal. When cash undergo a sustained bearish interval, they’re prone to rebound barely however general, the bearish circumstances nonetheless stay. That is the precise case with Concord (ONE).
Though the coin has posted some respectable positive factors in the previous few days, we don’t anticipate the medium-term bearish pattern to reverse. In truth, ONE nonetheless stays effectively under its 25- and 50-day SMAs. In addition to, a have a look at the chart reveals that coin has fashioned an inverted cup and deal with sample.
These two indicators recommend {that a} bearish pattern continues to be anticipated. Maybe the excellent news for ONE buyers is the truth that the coin continues to be buying and selling above the essential assist zone of $0.113. But when this value is breached, extra losses will comply with.
How you can play the Concord (ONE) setup?
There’s a huge draw back threat with Concord proper now. One of the best factor to do as an investor is to observe the worth motion this week. If bulls handle to keep up the $0.11 assist, then you should purchase and exit at 20% positive factors max.
The potential upside for ONE stays considerably low. But when the assist is breached, give it one other week to consolidate before you purchase.