Friday’s session was not as crazy as the day before. The market capitalization fell by 0.58% but this does not prevent certain projects from experiencing very good growth on a daily basis. Harmony (ONE) is setting new highs in the market after a rally over 25% intraday.
Analysis of the course and the potential of the project!
Presentation of the crypto-based project
Harmony is a cryptocurrency that became known to the world through Binance’s Launchpad program during the year 2019. It was developed by Dr. Stephen Tse of the University of Pennsylvania, a specialist in cryptographic protocols. Its blockchain structure makes it possible to create decentralized applications (Dapps) but also to build NFTs. The objective of the project is to promote scalability without compromising the decentralization which is the very essence of crypto verse.
Harmony also offers an interoperability solution between blockchains. Its mainnet finalizes transactions on Ethereum in two seconds while it will take you 34 minutes with the Polygon mainnet. Most surprisingly, regardless of the consensus algorithm of your PoS or PoW network, Harmony’s FlyClient architecture will facilitate communication between channels.
The strengths of Harmony ONE
To ensure the various aforementioned missions, Harmony has two great assets:
First, he uses the Sharding model which is in fact a proposed method to divide the infrastructure of a blockchain into smaller pieces called shards, with the goal of expanding the scalability of the network so that it can support many more users than it currently does.
To prevent the risk of attack, Harmony uses a technique of totally random selection of the nodes that will constitute the shards. To ensure the safety of the Shards, we learned on the project site:
“Each shard has 250 nodes for a strong security guarantee against Byzantine behavior. We use the Verifiable Delay Function (VDF) for unbiased and unpredictable membership in shards. ”
Harmony has its own Consensus algorithm which is the Fast Byzantine Fault Tolerance (FBFT). In this governance model, the validators of the nodes on Harmony do not engage in the distribution of votes. After, They are chosen according to the number of their number of tokens as it is the custom in the PoS.
ONE: The Harmony token
The token of the cryptocurrency is called One. The maximum ONE supply is not available but we know that it currently has close to 10,666,529,902 in circulation. It fulfills 3 main functions at the level of the Harmony network
- Staking : Users who keep the token for the long term will receive rewards
- Right to vote : Holding One tokens gives you the privilege of voting on the harmony platform
- Costs : One is used as a means of payment for transaction fees, storage fees as well as gas fees.
Analysis of Harmony’s stock market performance
The Harmony (ONE) price is up 4286% over the year. Cryptocurrency has experienced three major phases of the rise. A first that began in February which ended in May. During that time, ONE’s value rose from $ 0.023 to $ 0.20 – roughly a 10-fold increase. The fall would be just as brutal because in June, ONE plunges towards $ 0.015.
The recovery will occur with the new bullish phase of the market that began on July 20 and will run until September. During this second phase of increase, the price goes from $ 0.017 on July 21 to $ 0.22 on the date of September 21. ONE’s second bullish phase is supported by the strategic partnership with TerraLabs.
The last upward phase is that of yesterday’s session where the price rises to $ 0.24. It should be remembered that during the month of September, the correction was less brutal than that experienced by ONE after bullish movements.
Daily Chart: Evolution of Harmony (ONE) price
As for its current price, it is quite bullish but the risks of correction should be considered because the crypto is in an overbought situation at the technical analysis level. Its RSI stands at 69.40. There is concern that profit traders may liquidate their positions in order to capture the gains.
However, the volume bars are green. By the way, at the time of writing this article, intraday volume is up 596%. So that means traders keep buying. So there is a window of opportunity for those who wish to profit from the rally. Be careful, because those who are at a profit can withdraw their cryptocurrency at any time.