$ONE went from dead chain meme to one of the loudest charts on Binance in about 48 hours.
Quick context: Harmony announced back in September that it is sunsetting its own network and moving ONE to Ethereum as an ERC20 token. No new announcement behind this week's move. Price roughly doubled from the 0.00103 low on Nov 5 and Binance spot volume ran something like 40 times its usual daily level. Some traders are also pointing at heavy futures open interest compared to the market cap, so a lot of this looks leverage driven.
What I see on the 4H chart:
Top so far is 0.002476. That candle got sold hard and price pulled back to around 0.00181 before buyers stepped in. Now sitting near 0.00202.
MA20 is around 0.00161 and MA50 around 0.00132, both curling up and far below price. Trend is clearly up but stretched.
RSI 14 on the 4H was above 85 at the peak and has cooled to about 64. The overheated part got reset a bit without the chart breaking.
Volume is still way above where it was all of October, but it is fading candle by candle since the top.
Scenarios:
If 0.00181 keeps holding and volume comes back in, a second run at the 0.00248 high is on the table.
If 0.00181 breaks, there is not much structure until the MA20 zone near 0.0016, and moves like this can unwind fast when leverage gets flushed.
Not financial advice, DYOR.
Real rotation into old low caps, or just a perp squeeze that runs out of fuel soon?
#Harmony #ONE #Altcoins #CryptoAnalysis
Quick context: Harmony announced back in September that it is sunsetting its own network and moving ONE to Ethereum as an ERC20 token. No new announcement behind this week's move. Price roughly doubled from the 0.00103 low on Nov 5 and Binance spot volume ran something like 40 times its usual daily level. Some traders are also pointing at heavy futures open interest compared to the market cap, so a lot of this looks leverage driven.
What I see on the 4H chart:
Top so far is 0.002476. That candle got sold hard and price pulled back to around 0.00181 before buyers stepped in. Now sitting near 0.00202.
MA20 is around 0.00161 and MA50 around 0.00132, both curling up and far below price. Trend is clearly up but stretched.
RSI 14 on the 4H was above 85 at the peak and has cooled to about 64. The overheated part got reset a bit without the chart breaking.
Volume is still way above where it was all of October, but it is fading candle by candle since the top.
Scenarios:
If 0.00181 keeps holding and volume comes back in, a second run at the 0.00248 high is on the table.
If 0.00181 breaks, there is not much structure until the MA20 zone near 0.0016, and moves like this can unwind fast when leverage gets flushed.
Not financial advice, DYOR.
Real rotation into old low caps, or just a perp squeeze that runs out of fuel soon?
#Harmony #ONE #Altcoins #CryptoAnalysis
