A significant ecosystem hack led to the Harmony(ONE) price continuing its downward path.
The team behind Harmony announced it would give a $1 million reward to anyone with information about the hackers after they stole $100 million worth of cryptocurrency from the company on Friday. The Horizon bridge, a cross-chain bridge between Bitcoin, Ethereum, and the Binance Chain, was where Harmony’s breach took place. The parallels between the two cross-chain bridge attacks are mentioned as one sign of Lazarus’ possible involvement. Let’s analyze the price levels for ONE to determine how much the hack news has affected the price.
Since January 2022, the price of ONE has been falling, and it is currently around $0.017. Since reaching an all-time high of $0.37, it has decreased by 95%. Moving forward, it might consolidate between the $0.014 weekly support level and the $0.019 weekly resistance level.
The bulls must drive up the price over $0.019 in order to prevent the bears from lowering it below $0.014 in response to negative news. The decline is invalidated if the $0.023 barrier is breached. If this level is broken, a surge to $0.03 may follow. To be bullish in the near term, ONE‘s daily or weekly price candle must close above $0.023.
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Images courtesy of TradingView.
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