Harmony (ONE) – Will likely face additional bullish pressure

Harmony (ONE) – Will likely face additional bullish pressure

Posted on Tuesday, December 21 2021 at 8:37 pm GMT+0000

Harmony (ONE) has powered back from its early December low, further nourishing its well-established bullish zig-zag course. It’s currently actively testing the previous high stubbornly aiming for another upside extension.

That is the most likely scenario at the time being as the MACD indicator continues to gain steam above its signal line and well beyond the zero threshold and the ROC deflected higher from its neutral mark. Moreover, the persistent bullish bearing of the exponential moving averages is prompting further advances.

That positive scenario will be confirmed with a decisive break above the last intraday swing high at 0.252. if that’s the case the bulls should gear up to the Fibonacci golden number at 0.280, a break of which could pause somewhere between the 227.2% Fibonacci extension level at 0.310 and the 21st of November intraday high at 0.320, before heading for a fresh test of the 0.337 peak.

Otherwise, if the aforementioned high manages to reject the bullish attempt, the price may seek some support near the 23.6% Fibonacci level and the 19th of December intraday swing high at 0.231. Should this barrier prove fragile, the December 20th intraday swing low at 0.207 will try to shut the way down, assisted by the 55-period exponential moving average. Any violation at this point will further widen selling exposure.

In brief, Harmony will likely face additional bullish pressure in the short run should it manage to overshoot the 0.252 high. For sentiment to change, the bears would need to break below 0.207.