Harmony Rallies by 14% in 24 Hours Following Datachain Grant

The cryptocurrency market has been performing well since the start of the week. The prices of most coins are up by nearly 5% in the last 24 hours.

Harmony Approves Datachain’s Grant

The Harmony Protocol team announced yesterday that it had approved the grant for Datachain. The company has been tasked with building a bridge between the Harmony blockchain and the Cosmos network.

According to Harmony, Datachain’s experience in building interoperability solutions using trustless intermediaries is peerless.

1/ We are glad to announce that we have approved a grant for @datachain_en to build a bridge between Harmony & @cosmos.

Datachain’s experience in building interoperability solutions using trustless intermediaries is peerless.

ONE step closer towards scaling cross-chain finance pic.twitter.com/27ueWWUkT0

— Harmony 💙 (@harmonyprotocol) January 12, 2022

Harmony is a fast and secure blockchain for decentralized applications (dApps). The protocol’s main focus is to achieve scalability by dividing the network nodes. ONE, the native coin of the Harmony blockchain, has been rallying over the past 24 hours.

At press time, ONE is trading at $0.35 per coin, up by 13.8% in the last 24 hours. The rally comes as the broader cryptocurrency market slowly recovers from its recent slump. The total cryptocurrency market cap dropped below the $2 trillion mark earlier this week but is now moving towards $2.1 trillion.

Bitcoin, Ether and the other major cryptocurrencies are also recovering from their recent slump thanks to the market rally.

ONE has been one of the top performers so far this year after topping the $0.30 mark last week. However, it entered a bearish trend after that, as the broader cryptocurrency market experienced huge losses.

ONE Could Touch the $0.40 Level Soon

The ONE/USD daily chart is one of the most bullish in the cryptocurrency space at the moment. The technical indicators show that ONE is performing excellently. If the rally continues, it could soon top the $0.40 psychological level.

ONE is trading above its 50-day moving average of $0.246. The MACD line has been above the neutral zone since December 26, while the RSI of 72 shows that ONE could soon enter the oversold region.