- ONE price remained stuck within a bullish pennant since last month.
- Harmony price reversed to downtrend after encountering rejection at 55-day Simple Moving Average.
- Expect the alt to maintain an intermediary trend-line with bulls pushing ONE back towards $0.26.
Harmony (ONE) price maintained inside a long-term bullish pennant pattern since November started. The formation unfolded between an ascending green trend-line and red descending trend-line, running along with 200-day SMA. An intermediate black ascending trend-line has hugged the uptrend over the past few days but encounters a firm test after bulls faced rejection at 55-day Simple Moving Average at $0.26. Expect the SI support and black ascending trend-line to maintain, supporting bulls for a push higher to $0.28.
ONE Bulls Eye above 55-day SMA, Targeting $0.28
Harmony price approaches a long-term squeeze with higher lows and lower highs grinding to each other gradually. Though the pennant appears to unfold into the coming year, the pattern inside tells a different story. Harmony (ONE) bulls defend the S1 support of $0.20 and immediate black ascending trend-line. Meanwhile, bulls encountered rejection against this mark after attempting to crack the 55-day SMA at $0.26. As bulls magnified their efforts today, this is a break-or-make session to maintain the near-term rally.
ONE bull will attempt to defend this mark from now, and the alt can see a bullish break from the pennant as investors remain optimistic towards 2022. Meanwhile, bears may utilize the current headwinds to challenge uptrends, but bulls may defend critical levels towards the Christmas break. A bounce will see the token breaking past the 55-day Simple Moving Average in no time. That will see Harmony touching the target of $0.28. Meanwhile, the monthly pivot serves as a profit-booking target inside the pennant.
If bears succeed in taking ONE under the S1 support and black ascending trend-line, Harmony can see a quick retracement down towards the green trend-line and 200-day Simple Moving Average near $0.18. As S2 monthly support sits under $0.16, market players can expect a false break and not a bearish continuation.
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