Harmony (ONEUSD) Market Overview for 2025-08-29

• Harmony (ONEUSD) drifted lower over the 24-hour period, ending at 0.01037 with bearish bias in price action.
• Volatility remained low, with narrow price ranges and subdued volume confirming weak momentum.
• A key breakdown occurred after a large-volume candle at 22:30 ET drove price toward recent support.
• RSI and MACD show bearish divergence, suggesting potential for further downside in the near term.
• Bollinger Bands indicate price consolidation, but recent dips suggest the upper band may offer resistance.

Harmony (ONEUSD) opened at 0.01077 on 2025-08-28 at 12:00 ET and closed at 0.01037 as of 2025-08-29 12:00 ET. The 24-hour session saw a high of 0.01083, a low of 0.01037, and total volume of 356,890.0 with notional turnover of $3,672.68. The price trend has shown a clear downward bias with multiple bearish signals emerging in the 15-minute chart.

Structure & Formations

The price formed a bearish trend line from 0.01077 to 0.01037 over the 24-hour period. A key bearish engulfing candle emerged at 22:30 ET, confirming a breakdown from prior consolidation. This candle drove price toward support levels at 0.01051 and 0.01037. A doji formed near 0.01083 in early hours of 2025-08-29, suggesting indecision and potential exhaustion at recent highs.

Moving Averages

Short-term moving averages on the 15-minute chart (20/50-period) show price below both, reinforcing the bearish bias. Daily MA (50/100/200) confirm a medium-term downtrend with price trading below all three indicators, supporting further consolidation to the downside.

MACD & RSI

MACD has moved into negative territory and is trending lower, confirming bearish momentum. The RSI is approaching oversold territory around 30, but remains within a broader bearish channel, indicating further downside may be probable before a short-term rebound. A divergence in RSI suggests weak bullish conviction.

Backtest Hypothesis

The bearish engulfing pattern observed at 22:30 ET could serve as a robust short signal if validated by volume. To test this, a backtest could be run on ONEUSD using the bearish engulfing pattern as an entry trigger, a 10% profit target, and a 5% stop-loss. This would determine if such a pattern historically leads to consistent returns under current volatility and market conditions.

Bollinger Bands

Bollinger Bands show price tightly compressed near the lower band, indicating low volatility and potential for a mean reversion or continuation. Price has touched the lower band multiple times over the last 12 hours, suggesting a consolidation phase with potential for a test of the upper band at 0.01072 in the near term.

Volume & Turnover

Volume remained subdued for most of the session, with a noticeable spike of $156.32 at 09:00 ET when price dropped to 0.01037. This volume spike confirmed the breakdown and added weight to the bearish signal. Turnover was low throughout the session, with most 15-minute intervals showing little to no notional volume, reinforcing the idea of weak market participation.

Fibonacci Retracements

Applying Fibonacci retracements to the recent 15-minute move from 0.01077 to 0.01037, key levels include 0.01054 (38.2%) and 0.01059 (61.8%). Price is currently testing the 0.01037 level, suggesting potential for a bounce or further decline. On the daily chart, major retracements around 0.01051 may act as short-term support if a rebound occurs.

The forward outlook suggests continued bearish pressure in the near term, with price likely to test key support levels at 0.01037 and 0.01024 before any meaningful short-term recovery. Traders should remain cautious of volatility spikes and monitor volume for signs of trend reversal or exhaustion.