Harmony (ONEUSDT) Market Overview: Volatility and Downtrend Pressure in 24-Hour Data

The Harmony (ONEUSDT) token opened at $0.01206 on July 23 at 12:00 ET, reached a high of $0.01218, and a low of $0.01128 before closing at $0.01134 on July 24 at 12:00 ET. Total volume for the 24-hour window was 128,836,436.1 USD, with a notional turnover of approximately $1,470,788.

Summary

• Price fell sharply after 17:30 ET, breaking below key support at $0.01163 and forming bearish engulfing patterns.
• Volume spiked during the selloff, confirming bearish sentiment and lack of buying interest.
• RSI approached oversold territory, suggesting potential for a near-term bounce but not a reversal.
• Bollinger Bands show a widening volatility pattern as price moves away from the 20-period midline.
• Fibonacci retracement levels suggest resistance at $0.01175 and support at $0.01125 for the next 24 hours.

Structure & Formations

The 24-hour chart for ONEUSDT shows a distinct bearish bias, with price forming multiple bearish engulfing patterns following the 17:30 ET break of the $0.01163 support level. A strong bearish trendline has formed from the peak at $0.01218 to the trough at $0.01128. Notable resistance levels include $0.01175 and $0.01190, with $0.01125 acting as a key support level. A doji formed near $0.01137 around 04:45 ET, indicating a potential short-term pause in the downtrend.

Moving Averages

On the 15-minute chart, the 20-period moving average (SMA) was below the 50-period SMA for most of the session, confirming a bearish bias. The 50-period SMA crossed below the 20-period SMA during the selloff, reinforcing the downtrend. On the daily chart, the price closed below both the 50- and 200-period SMAs, indicating a continuation of the bearish momentum.

MACD & RSI

The MACD line crossed below the signal line during the 17:30–19:00 ET window, confirming bearish momentum. The histogram showed a sharp expansion during the selloff, indicating strong downward pressure. The RSI dropped below 30 near the close, suggesting that ONEUSDT may be approaching oversold territory. However, this does not guarantee a reversal, as the broader trend remains bearish.

Bollinger Bands

Bollinger Bands showed a contraction earlier in the session but expanded as price moved sharply lower. Price closed near the lower band at $0.01134, indicating extreme bearish volatility. A rebound off the lower band may be possible, but without a strong reversal candle or volume confirmation, the trend is likely to remain intact.

Volume & Turnover

Volume spiked during the selloff between 17:30 and 21:45 ET, with the largest single 15-minute volume spike occurring at 21:30 ET when 14,908,636.1 USD of turnover was recorded. This suggests strong bearish conviction during that period. Notional turnover (amount × price) also rose during this window, confirming the price action. However, volume has since declined, suggesting a potential exhaustion of the bearish move.

Fibonacci Retracements

Applying Fibonacci retracement levels to the recent swing from $0.01218 to $0.01128, key levels include 23.6% at $0.01177, 38.2% at $0.01167, and 61.8% at $0.01142. The 50% retracement level at $0.01173 has shown resistance. The current price of $0.01134 is near the 61.8% level, suggesting potential for a bounce or consolidation in that area.

Harmony (ONEUSDT) may test the $0.01125 support level in the next 24 hours, with a possible rebound off that level if volume increases. However, traders should remain cautious, as the broader bearish trend remains intact and a breakdown below that level could extend the decline further. As always, price action and volume confirmation will be key to identifying the next directional move.