The Concord blockchain fell sufferer to one of the vital notorious hacks in decentralized finance (DeFi) historical past and the fallout from that assault in 2022 noticed the ONE worth tank tremendously, shedding over 98% of its all-time excessive worth. Nonetheless, one yr later, the cryptocurrency appears to be making a comeback as traders and merchants flip bullish as soon as once more.
Crypto Analyst Predicts Nice Issues For ONE Token
Crypto analyst Alan Santana has shared an evaluation of the ONE token, the native cryptocurrency of the Concord blockchain. On this evaluation that focuses on one of many forgotten giants from the DeFi summer time of 2021, Santana paints a slightly bullish image, the type that hasn’t been shared for some time now.
The evaluation focuses on the ONE/BTC pair which reveals nice promise in comparison with the ONE/USDT pair. This comes after the coin hit a brand new low of $0.008 this yr, earlier than rebounding, and this rebound appears to be the idea of its bullish development.
Santana defined that this specific progress had begun in October and has to this point sustained on condition that the worth is up greater than 100% since then. Nonetheless, the way in which ahead continues to be not fully clear as t
he crypto analyst factors out that whereas the cryptocurrency has been in a position to break above its 200-day transferring common (MA), it’s now dealing with much more resistance. This resistance is now outstanding on the 300-day exponential transferring common (EMA).
Supply: Tradingview.com
With the resistance transferring upward, assist for the coin has shaped on the EMA200, proving to be an essential degree for the coin. From this degree, a break above the EMA300 is definitely what is required for the altcoin to verify its breakout from right here.
Santana posits that when this break occurs, it’ll affirm the long-term progress potential for the ONE worth. At this level, buying and selling quantity is predicted to soar “and the each day periods/candles grow to be actually large,” the analyst explains.
Harmoney at $0.02 | Supply: ONEUSDT on Tradingview.com
Concord Value Efficiency
There are a number of worth targets outlined by the crypto analyst for when the Concord worth does break the EMA300. From the present $0.02 degree is an anticipated preliminary 650% bounce proper above $0.14 which begins it on its long-term bullish journey.
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From there, the subsequent goal is positioned at $0.16 which is an 850% transfer from the present buying and selling ranges. Nonetheless, it doesn’t finish there with a 3rd goal positioned proper above $0.33 which might full the transfer. This final goal would translate to a 1,400% improve.
By itself, the ONE token is performing fairly properly contemplating the circumstances surrounding it. CoinMarketCap knowledge reveals that its worth is up 5.56% within the final day, 40.5% within the final week, and 54.2% within the final month.
Featured picture from Medium, chart from Tradingview.com
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