Market Overview: Harmony/Tether (ONEUSDT) 24-Hour Price Action Analysis

Summary
• Price declined 2.3% over 24 hours, breaking key support at $0.00432.
• A bearish engulfing pattern formed near $0.00434, confirming downward momentum.
• Volatility expanded after midday ET, with a volume surge of 5.9 million ONE.
• RSI entered oversold territory, hinting at potential near-term buying interest.
• Bollinger Bands showed a contraction before 07:00 ET, followed by a sharp price break.

Harmony/Tether (ONEUSDT) opened at $0.00432 on 2026-01-06 at 12:00 ET, peaked at $0.00447, and closed at $0.00432 by 12:00 ET on January 7. The pair traded as low as $0.00422 and recorded a total volume of 69.8 million ONE with $305,829 notional turnover.

Structure & Formations

Price tested a key support level near $0.00432 repeatedly throughout the session, with a decisive break below it after 14:15 ET. A bearish engulfing pattern emerged around $0.00434 during the morning ET hours, confirming a shift in sentiment. A doji formed near $0.00430 during the afternoon, hinting at potential consolidation before further movement.

Moving Averages

On the 5-minute chart, price closed below both the 20-EMA and 50-EMA, reinforcing a short-term bearish bias. The 50-period MA dipped below the 20-period, signaling a bearish crossover. On the daily chart, the 50-day MA remains above the 100-day and 200-day lines, suggesting a larger-picture sideways-to-bullish bias.

MACD & RSI

The MACD crossed below the signal line during the morning ET session, confirming bearish momentum. The RSI fell into oversold territory near 25 late in the session, suggesting potential for a near-term bounce. However, divergence between price and RSI in the late afternoon may indicate lingering bearish pressure.

Bollinger Bands

Volatility showed a clear contraction between 05:00 and 07:00 ET, followed by a sharp expansion after a breakout below the lower band. Price has since traded near the lower bound of the bands, indicating elevated bearish control and limited upside momentum.

Volume & Turnover

Volume surged to a peak of 9.8 million ONE at 14:45 ET, coinciding with the sharp drop to $0.00422. Notional turnover spiked in tandem, validating the move. A divergence between volume and price occurred in the late afternoon, where volume remained elevated despite a pause in price decline—suggesting potential exhaustion in the bearish move.

Fibonacci Retracements

Applying Fibonacci to the morning rally from $0.00422 to $0.00447, price found resistance near the 61.8% level at $0.00437 before retreating. A pullback to the 38.2% level at $0.00434 failed to hold, indicating limited immediate buy-side interest.

Over the next 24 hours, ONEUSDT could test a critical support level at $0.00428–$0.00430, with a potential rebound to $0.00435–$0.00437 if buyers step in. However, traders should remain cautious of a possible breakdown below $0.00428, which could accelerate the decline further.