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The Harmony One price has fallen in the last few days as demand for coins remains at fairly low levels. The coin crashed to $ 0.023, the lowest level since July 19th this year. Market capitalization exceeded $ 284 million, down more than 16% from Thursday’s highs.
Harmony is a blockchain project that has recently been one of the biggest challengers to Ethereum domination. The network was created using a technology called sharding that was first introduced by Zilliqa.
Sharding creates scale and throughput on the blockchain by breaking blocks into smaller pieces called shards. Harmony sharding solves two major challenges for Gilika. Introduces the concept of splitting blockchain data storage. In addition, it uses a proof of stake approach to solve proof of work (PoW) challenges.
Therefore, the harmony is completely ScalableIt has secure sharding, is very efficient, and has consistent cross-shard transactions. All of these qualities have earned us a high reputation from developers. Top applications created with Harmony include DeFi Kingdoms, Tranquil Finance, Synapse, FoxSwap, and SushiSwap.
But lately, the price of Harmony ONE has been struggling due to a dramatic decrease in the number of people using the application. In fact, the ecosystem-locked total locked value (TVL) has plummeted from over $ 1.5 billion to just $ 43 million.
TVL is dropping sharply on most blockchains, including Ethereum, but harmony blockchains are more dramatic. Analysts believe the situation is largely due to the recent $ 100 million hacking caused by North Koreans. The hack occurred after the attacker broke through the bridge connecting Harmony and Ethereum.
So while many blockchains have recently recovered some of their TVL, Harmony’s has been declining over the past few months.
The 4-hour chart shows that the ONE price is about to recover in the last few weeks. It’s up about 42% from this year’s lowest level. The coin remains above the uptrend line shown in black.
While the Relative Strength Index (RSI) is down, the harmony is slightly below the 25-day and 50-day moving averages.
So, given that the recovery found strong resistance at around $ 0.027, the coin could continue to fall.
