The cryptocurrency market is expected to end the week on a positive note after Bitcoin and others posted gains over the past few days.
The cryptocurrency market has added more than 3% to its value in the past 24 hours. At press time, the total market capitalization exceeds the $900 billion mark and could reach $950 billion before the end of the day.
Bitcoin looks set to break above the $21,000 resistance level after adding more than 2% to its value today. Ether could break above the $1,200 mark if it continues its current rally.
However, ONE, the native token of the Harmony protocol, is among the worst performers among major cryptocurrencies. ONE has lost more than 10% of its value in the last 24 hours and could drop in the next few hours.
The negative performance can be attributed to news that Harmony Protocol was hacked earlier today. On Friday, Harmony Protocol announced via Twitter that it had identified a theft that occurred on the Horizon Bridge, resulting in a $100 million loss to hackers.
1/ The Harmony team has identified a theft that occurred this morning on the Horizon Bridge for an amount of approx. $100 million. We have started working with national authorities and forensic specialists to identify the culprit and recover the stolen funds.
— Harmony 💙 (@harmonyprotocol) June 23, 2022
The cryptocurrency could register further losses in the coming hours despite the team’s efforts to recover the funds.
Key levels to monitor
The ONE/USD 4-hour chart is currently bearish as the cryptocurrency has underperformed over the past few hours.
The MACD line has slipped below the neutral zone, indicating a bearish trend. The 14-day RSI of 36 shows that ONE is currently in the oversold region and may soon register further losses.
At press time, ONE is trading at $0.0238. If the downtrend continues, ONE might slip below the $0.020 level for the first time this month. However, the bulls should be able to defend ONE’s position above the $0.018 support level.
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