Harmony’s price has seen a sharp pullback in recent days as investors fret over its ecosystem and the extremely aggressive Federal Reserve. ONE, its native token is trading at $0.1440, which is the lowest since March 25 this year. The price is down more than 21% from its highest level this week.
Why did the price of Harmony drop?
Harmony is a fast-growing blockchain platform that aims to be a leading place for developers to build their decentralized applications. It is a platform that uses Byzantine Fault Tolerance (BFT) and sharding technologies to ensure that developers are able to build fast, low-cost applications. It is a fully scalable platform that has adopted cross-fragmentation technology. It also uses RaptorQ source code which helps to propagate blocks quickly. Harmony’s pricing has done well in recent months as more developers have embraced its network. According to DeFi Llama, some of the top developers in the ecosystem are DeFi Kingdoms, Tranquil Finance, and ViperSwap. Other cross-chain apps that use Harmony are Curve, SushiSwap, and StakerDAO. Like other platforms, Harmony has also launched a developer grant worth $300 million. These funds will be distributed to developers who build DEFI, NFT apps and games in their ecosystem. Harmony has a Vision 2026 that seeks to scale the web 3 through zero-knowledge rollups and decentralized autonomous organizations. Harmony’s price is falling sharply as investors react to the network’s Total Value Locked (TVL) sharp decline. TVL currently stands at $738 million, which is down from its all-time high of $1.38 billion. Over the past 7 days, DeFi Kingdoms and Tranquil Finance TVL are down 24.47% and 5%, respectively. Likewise, the TVL of ViperSwap and FarmersOnly is down more than 20%.
Harmony price prediction
The daily chart shows that the price of Harmony has been in a strong downtrend for the past few days. This decline started when it formed a double top pattern at around $0.18. In technical analysis, a double top is usually a bearish signal. The 25 and 50-day moving averages made a bearish crossover pattern. Therefore, there is a probability that the price of ONE will continue to decline as the bears target the next major support level at $0.13. The post Harmony Price Forecast: Why did the ONE plummet? appeared first on Bitcoin Guide.