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![Harmony [ONE]: With the value area lows breached, will the buying pressure continue](https://cryptonoiz.com/wp-content/uploads/2022/04/PP-2-ONE-cover-1000x600.jpg)
Disclaimer: The findings of the next evaluation are the only real opinions of the author and shouldn’t be thought of funding recommendation
Concord dipped to $0.135 lows, however was fast to bounce in latest hours and signaled that additional upside was potential within the subsequent few days. The symptoms famous that momentum and promoting stress had been sturdy previously few days. The short-term market construction was additionally bearish. Regardless of these misgivings, larger timeframes confirmed that ONE had reached a logical retracement stage to purchase the asset.
ONE- 2 hour chart
Supply: ONE/USDT on TradingView
The Quantity Profile Seen Vary confirmed the Worth Space to increase from $0.14 to $0.0.175. The Level of Management lay at $0.162 and represented the realm the place essentially the most buying and selling quantity has occurred within the seen vary.
On the time of writing, the value dipped to $0.135, beneath the Worth Space Lows at $0.14 however bounced again shortly. Furthermore, the $0.14 space had been the place from which ONE initiated its late-March rally to the $0.18 highs.
Therefore, if sustained shopping for stress is seen, an analogous rally may happen within the days to come back.
Rationale
Supply: ONE/USDT on TradingView
The RSI was beneath the impartial 50 to indicate that, on the 2-hour timeframe the momentum behind ONE was nonetheless bearish. The MACD offered comparable proof because the MACD line (blue) shaped a bullish crossover above the sign line (orange), however this was beneath the zero line. Therefore, bearish bias was nonetheless current.
The Chaikin Cash Circulation rose above +0.05 the day before today to indicate rising shopping for stress. The OBV additionally reclaimed a stage that it has held as assist previously three weeks.
Conclusion
Though the near-term worth motion and momentum have been bearish, swing merchants can take a look at the charts and see an excellent risk-to-reward setup to enter an extended place at. The OBV climbed again above a stage it has not breached since February.
This was essential as a result of rallies have been sparked on this space for Concord previously couple of months. There was a forty five% rally in mid-March and one other, practically 54% rally in late February.
