The macroeconomic picture and increased geopolitical pressure have seen Harmony (ONE) drop quite significantly since January. Although there have been periods where the token has threatened to rise, it has always come crashing back down. But is this about to change? Here are some highlights first:
Harmony (ONE) has established a strong demand zone between $0.106 and $0.121.
At press time, the coin was slightly trading above that at $0.125.
If ONE enters that zone, we could see some increased buying from bulls.
Data Source: Tradingview
Harmony (ONE) – Is a bull run feasible?
As noted above, for most parts of 2022, Harmony (ONE) has largely been on a downtrend. It is highly unlikely that this bearish trend will reverse in the near term. As it is, sentiment in the crypto market remains largely fearful as investors weigh in increased macroeconomic and geopolitical pressures.
But short-term bull runs are still possible for Harmony (ONE). The coin is currently headed to an important demand zone of between $0.106 and $0.121. This is likely going to trigger a bullish run that could push ONE towards $0.164 in the near term.
This will represent a 30% gain from the current price, which at press time was $0.125. But sustained gains above $0.164 will be highly unlikely. ONE is likely to pull back once it tests that price and try to find more demand once again.
Why is Harmony (ONE) undervalued?
The key for any investor is to find a crypto asset that is undervalued, and Harmony (ONE) is one of them. The coin has fallen sharply from all-time highs and has been reporting losses for most parts of 2022.
But the project still has a lot of potentials, and the underlying fundamentals are very good. In fact, the general outlook for Harmony in 2022 is still very positive despite recent turmoil. It is a great asset to grab right now.