This is the best time to buy Harmony (ONE) before its explosion, says Coin Bureau

The host of widely-followed crypto channel Coin Bureau unveils with his subscribers 3 reasons Harmony, a mid-cap Ethereum competitor, will make an explosive rally before 1/2022.

Recent updates

Harmony is a blockchain focused on powering decentralized economies by assisting users in building marketplaces for both fungible and non-fungible digital assets. Named as “Ethereum killer”, the Coin Bureau highlights that Harmony has already implemented many of Ethereum 2.0’s future features.

“Harmony looks like Ethereum 2.0 under the hood. This is because Harmony leverages the Ethereum Virtual Machine for smart contracts and uses a sharded Proof of Stake blockchain consisting of four shards.”

The trader then highlights the recent price spike of Harmony in which it partly happened due to the recent updates.

In particular, in August, Harmony announced that Chainlinkprice feeds had integrated with the Harmony testnet. In September, Harmony announced that it had partnered with the Anyswapcross-chain DEX to bring wrapped Bitcoin to Harmony. Shortly afterwards, Harmony and any swap announced the opening of a bridge directly between Harmony and Polygon, Ethereum’s leading layer 2 scaling solution. And lately, in November, the Harmony community took to the streets of NYC to see the crypto project advertised on Times Square’s iconic digital billboards.

Price analysis

While ONE gained its price momentum, the coin is then experiencing a nasty dip in recent weeks. Coin Bureau then lists out three reasons for this to happen.

Firstly, the crypto KOL points out that the rest of the crypto market was not looking all that hot either with “Bitcoin took a beating, and when that happens, altcoins almost always follow suit.”

Secondly, the Harmony Foundation’s massive ecosystem fund is likely causing a significant amount of sell pressure.

“It is allocating 300 million dollars worth of ONE coin towards ecosystem development with hourly rates for recipients starting at $75. However, you should recall that the 300 million dollars are coming from sales of the ONE coin. The breakdown of the allocations in this ecosystem fund suggests that roughly 80 million dollars worth of ONE was sold in the first few weeks following its announcement.”

The last reason is due to the recent cliff in the ONE coin’s vesting schedule.

“It’s possible, if not likely, that some of these vested ONE coins were sold, further adding to the selling pressure suppressing the ONE coin’s price.”

However, Coin Bureau strongly highlights that there is only one more vesting cliff left in November next year, and the remaining 200 million dollars or so of ONE in the Harmony Foundation’s ecosystem fund will likewise be spent over a much longer term, meaning that ONE coin should have an easier time reaching new all-time highs.

“My long-term technical analysis suggests it could hit 50 cents later this year or early next year.”

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