ONE dips by 10% following Harmony Protocol hack: Will it dip lower?

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ONE dips by 10% following Harmony Protocol hack: Will it dip lower?
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The cryptocurrency market looks set to end the week on a positive note after Bitcoin and others recorded gains over the past few days.

The cryptocurrency market has added more than 3% in value over the past 24 hours. At press time, the total market capitalization is over $900 billion and could hit $950 billion by the end of the day.

After gaining more than 2% in value today, Bitcoin looks set to break above the $21,000 resistance. If Ethereum continues its current rally, it could break the $1,200 mark.

However, Harmony Protocol’s native token, ONE, was the worst performer among the leading cryptocurrencies. ONE has lost over 10% of its value in the past 24 hours and is likely to drop in the coming hours.

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The negative performance can be attributed to the news that Harmony Protocol had been hacked earlier today. On Friday, Harmony Protocol announced via Twitter that it discovered a theft of the Horizon bridge that cost hackers $100 million.

Despite the team’s efforts to recover the funds, the cryptocurrency could record further losses in the coming hours.

Key Levels to Watch

The 4-hour chart of ONE/USD is currently bearish as the cryptocurrency has underperformed over the past few hours.

The MACD line has broken below the neutral zone, indicating a bearish trend. The 14-day RSI is 36, indicating that ONE is currently in oversold territory and may soon fall further.

At press time, ONE is trading at $0.0238. If the bearish trend continues, ONE could dip below $0.020 for the first time this month. However, the bulls should be able to defend ONE’s position above the $0.018 support.

ONE Post Drops 10% After Harmony Protocol Hack: Will It Fall? appeared first on CoinJournal.

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