Should I invest in Harmony (ONE) at the current price?

Harmony ONE/USD has weakened from $0.37 to $0.034 since January 14, 2022, and the current price stands at $0.041.

Kart Racing League partnered with Harmony

Harmony is the open blockchain that runs Ethereum applications with 2-second transaction finality and extremely low fees. Harmony collaborates with Ethereum rather than competing with it, and it makes it easier for developers to create decentralized apps (DApps).

Harmony was launched in 2019 during the initial exchange offering on the Binance Launchpad with a mission of scaling trust and creating a radically fair economy.

Its unique technology allows scaling blockchains without compromising decentralization and security. Harmony is also energy efficient, and it addresses the problems of existing blockchains by combining the best research results and engineering practice.

A multi-chain ecosystem is the future of web3, and Harmony’s bridges can connect any Proof-of-Stake and Proof-of-Work chains.

There are already many projects on the Harmony blockchain, and according to the latest news, Metaverse gaming studio XYZZ has partnered with Harmony. Metaverse gaming studio XYZZ reported:

This partnership aims to create a new governance token, new NFTs, improved gameplay, new rewards, and a new play-to-earn model for Kart Racing League.

To interact with this open blockchain, you should use Harmony tokens that have the symbol ONE, which stresses the protocol’s objective of assisting open consensus procedures for billions of individuals throughout the world.

The ONE token is used to pay for all platform activities like transaction fees, gas fees, staking, and earning rewards. The maximum supply of Harmony (ONE) is 12.6 billion tokens, and it is important to say that it is not a mineable coin, which means it is not designed to replace fiat money.

ONE token has achieved an impressive gain in the first days of January 2022, and it reached a price level above $0.35 on January 13.

ONE is currently down more than 80% from the highest price level in 2022; still, Harmony is a very promising project, and the price of ONE could advance again to levels that we saw in January 2022.

Bears in control of ONE

Technically looking, Harmony (ONE) remains in a bear market, but the current price level represents good value for what you pay, and maybe now could be a good time to invest in this cryptocurrency.

Data source: tradingview.com

If the price jumps above $0.070, it would be a strong “buy” signal, and we have the open way to a resistance level that stands at $0.10.

The current support level for ONE stands at $0.030, and if the price falls below it, the next price target could be at $0.020.

Summary

Harmony is a blockchain-based platform that solves blockchain ecosystems’ biggest problems, like slow transaction speed, scalability issues, and high fees. Harmony (ONE) remains in a bear market, but the current price level could be a good entry point for long-term investors.

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