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.
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.
1/ The Harmony team discovered a burglary of approximately 100mm from the Horizon Bridge this morning. We have begun working with national authorities and forensic experts to identify the culprit and recover the stolen funds.
more 🧵
— Harmony 💙 (@harmonyprotocol) June 23, 2022
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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