Concord ONE value has been in a powerful bearish pattern prior to now few months. It dropped to a low of $0.016, which was the bottom degree since February 2021. It has fallen by greater than 94% from the very best degree, making it one of many worst performers within the trade.
Why has Concord crashed?
Concord is a blockchain challenge that hopes to assist builders construct quick decentralized functions (dApps). Apps in its ecosystem full transactions in lower than 3 seconds. A few of the prime functions in its ecosystem are SushiSwap, Tranquil Finance, and Synapse amongst others.
Concord was one of many greatest initiatives within the blockchain trade. This modified a couple of months in the past afer the large hack that led to a loss value over $100 million. In accordance with US investigators, the Horizon Bridge hack was instigated by North Korean hackers.
In consequence, the entire worth locked (TVL) within the community crashed from an all-time excessive of over $1.3 billion to lower than $30 million. This explains why ONE value has crashed prior to now few months. Certainly, solely 5 functions in its ecosystem have a TVL of over $1 million.
Concord has been engaged on find out how to repair the community after the hack. In an announcement, the builders introduced that they’d determined to not mint tokens to compensate those that misplaced their funds. They mentioned:
“We suggest not minting extra ONE tokens nor altering our tokenomics with a tough fork of the protocol. As a substitute, we suggest deploying our treasury in the direction of each restoration and improvement.”
Nonetheless, from a elementary perspective, Concord has a protracted method to go to regain its belief amongst builders and traders.
Concord ONE value prediction
The each day chart reveals that Concord has been in a powerful bearish pattern prior to now few months. It has managed to maneuver beneath the 25-day and 50-day shifting averages. Its quantity has crashed as demand stays a lot decrease. The MACD has moved to the impartial degree.
ONE value has additionally fashioned what appears to be like like a head and shoulders sample. Due to this fact, the coin will probably have a bearish breakout within the coming weeks. If this occurs, the subsequent key help degree to observe might be at $0.015.