After registering gains in bitcoin and others over the past few days, the cryptocurrency market is set to end the week on a positive note.
The cryptocurrency market has increased its value by more than 3% in the last 24 hours. As of press time, the total market cap is above $900 billion and could reach $950 billion before the end of the day.
Bitcoin is set to cross the $21k resistance level after adding over 2% to its value today. If Ether continues its current rally then it may cross the $1,200 mark.
However, ONE, the native token of the Harmony Protocol, is among the worst performers among the major cryptocurrencies. ONE has lost more than 10% of its value in the last 24 hours and may go lower in the coming hours.
The negative performance can be attributed to the news that Harmony Protocol was hacked earlier today. On Friday, Harmony Protocol announced via Twitter that it had identified a theft occurring at Horizon Bridge, which caused hackers $100 million in damage.
1/ The Harmony team has identified an approx the theft at Horizon Bridge this morning. $100 mm. We have begun working with national authorities and forensic experts to identify the culprit and recover the stolen money.
— harmony (@harmonyprotocol) 23 June 2022
The cryptocurrency could register further losses in the coming hours despite the team’s efforts to recover the funds.
prime level to watch
The ONE/USD 4-hours chart is currently bearish as the cryptocurrency has underperformed over the past few hours.
The MACD line has moved below the neutral zone, which is indicating a bearish trend. The 14-day RSI of 36 shows that ONE is currently in oversold territory and could register further losses soon.
At press time, ONE is trading at $0.0238. If the bearish trend continues, ONE could drop below the $0.020 level for the first time this month. However, the bulls should be able to defend ONE position above the $0.018 support level.
Post ONE Drops 10% After Harmony Protocol Hack: Will It Go Down? Appeared first on CoinJournal.