Harmony (ONE/USDT) technical analysis and trading plan.Harmony (ONE/USDT), technical analysis and trading plan by Blaž Fabjan:
Price Channel:
The price is moving within a rising channel, marked by support and resistance lines.
The price is currently near the lower part of the channel (support zone), which suggests potential upside movement if the support holds.
Volume:
There's a visible increase in volume, especially around the recent moves to the downside. This could indicate some volatility and buyer/seller activity.
Keep an eye on whether the volume increases near the support area for a confirmation of buying interest.
Indicators:
VMC Cipher B Divergences:
The green dots at the bottom may suggest some bullish divergence, meaning that the price could bounce from this support level.
RSI (Relative Strength Index):
RSI is around 50, suggesting the market is neutral but possibly gearing up for a momentum shift. A move above 60 could confirm bullish strength.
Stochastic RSI:
Stochastic RSI is currently near oversold levels (below 20) and showing signs of a potential upward crossover, which usually signals a buy opportunity.
Support & Resistance:
The support line of the ascending channel acts as the immediate buy zone.
Resistance is around the upper channel limit, which could be a take-profit target.
Upward Projection:
The blue arrow shows a bullish trend, with price potentially moving upward toward the resistance of the channel.
If the price breaks above this channel, we could see further bullish continuation.
Trading Plan:
Entry Point:
Consider entering a long position near the support line (around $0.0135–$0.0140) within the price channel.
Look for confirmation signals such as increasing volume and bullish divergence on the indicators (especially RSI moving above 50 and Stochastic RSI crossover).
Take-Profit Targets:
Target 1: At the resistance line of the channel around $0.0160–$0.0165.
Target 2: If price breaks above the channel, set an additional take-profit around $0.0180 as indicated by the upward projection.
Stop Loss:
Place a stop-loss just below the channel’s support, around $0.0130. This level ensures protection against a breakdown of the current uptrend.
Risk Management:
Use proper position sizing, risking only 1–2% of your capital per trade.
Trailing stop-loss could be employed if the price continues to move in your favor.
Watch for Confirmation:
Ensure RSI and Stochastic RSI both signal momentum shift, and volume should accompany any move upwards for confirmation of the trend.
By following this technical setup, you can navigate the current market conditions for Harmony (ONE/USDT) efficiently.
