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Wednesday, August 10, 2022
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    HomeMarketHarmony ONE price prediction after the drop of TVL to $43M

    Harmony ONE price prediction after the drop of TVL to $43M

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    The Harmony ONE worth has pulled again up to now few days as demand for the coin stays at a considerably low stage. The coin has crashed to $0.023, which was the bottom stage since July nineteenth of this yr. It has dropped by greater than 16% from its highest stage on Thursday, bringing its complete market cap to over $284 million.

    What occurred to Concord?

    Concord is a blockchain challenge that was just lately one of many greatest challengers to Ethereum’s dominance. The community was created utilizing a expertise referred to as sharding that was first launched by Zilliqa. 

    Sharding creates scale and throughput in blockchains by breaking down the blocks into smaller items referred to as shards. Concord’s sharding solves the 2 important challenges that Zilliqa has. It introduces the idea of dividing the storage of blockchain knowledge. Additional, it solves the problem of Proof of Work (PoW) through the use of a proof-of-stake method. 

    As such, Concord is absolutely scalable, has safe sharding, is very environment friendly, and has constant cross-shard transactions. All these qualities made it effectively obtained by builders. A few of the high purposes which were created in Concord are DeFi Kingdoms, Tranquil Finance, Synapse, FoxSwap, and SushiSwap. 

    Not too long ago, nevertheless, the Concord ONE worth has struggled because the variety of folks utilizing its purposes has dropped dramatically. Certainly, the entire worth locked (TVL) locked within the ecosystem has crashed from over $1.5 billion to simply $43 million. 

    Whereas most blockchains, together with Ethereum, have seen a pointy decline of TVL, Concord’s has been extra dramatic. Analysts imagine that the scenario is generally due to the current $100 million hack that was attributed to North Koreans. The hack occurred after the attackers managed to breach a bridge that related Concord to Ethereum. 

    Due to this fact, whereas many blockchains have recovered a part of their TVL just lately, Concord’s has continued to drop up to now few months.

    Concord ONE worth prediction 

    The four-hour chart exhibits that the ONE worth has been trying to get better up to now few weeks. It has risen by about 42% from its lowest stage this yr. The coin stays above the ascending trendline that’s proven in black. 

    Concord has moved barely beneath the 25-day and 50-day shifting averages whereas the Relative Power Index (RSI) is pointing downwards. 

    Due to this fact, the coin will probably proceed falling contemplating that the restoration has discovered a robust resistance at about $0.027.



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