Concord ONE worth has been in a robust bearish development previously few months. It dropped to a low of $0.016, which was the bottom degree since February 2021. It has fallen by greater than 94% from the best degree, making it one of many worst performers within the trade.
Why has Concord crashed?
Concord is a blockchain venture that hopes to assist builders construct quick decentralized functions (dApps). Apps in its ecosystem full transactions in lower than 3 seconds. A few of the high functions in its ecosystem are SushiSwap, Tranquil Finance, and Synapse amongst others.
Concord was one of many largest tasks within the blockchain trade. This modified a number of months in the past afer the large hack that led to a loss price over $100 million. In keeping with US investigators, the Horizon Bridge hack was instigated by North Korean hackers.
In consequence, the whole worth locked (TVL) within the community crashed from an all-time excessive of over $1.3 billion to lower than $30 million. This explains why ONE worth has crashed previously few months. Certainly, solely 5 functions in its ecosystem have a TVL of over $1 million.
Concord has been engaged on repair the community after the hack. In a press release, the builders introduced that that they had determined to not mint tokens to compensate those that misplaced their funds. They mentioned:
“We suggest not minting extra ONE tokens nor altering our tokenomics with a tough fork of the protocol. As an alternative, we suggest deploying our treasury in direction of each restoration and growth.”
Nonetheless, from a basic perspective, Concord has a protracted approach to go to regain its belief amongst builders and buyers.
Concord ONE worth prediction
The every day chart reveals that Concord has been in a robust bearish development previously few months. It has managed to maneuver beneath the 25-day and 50-day shifting averages. Its quantity has crashed as demand stays a lot decrease. The MACD has moved to the impartial degree.
ONE worth has additionally shaped what seems like a head and shoulders sample. Due to this fact, the coin will possible have a bearish breakout within the coming weeks. If this occurs, the following key assist degree to look at can be at $0.015.