Dropping Harmony

By BussTechno | BussTechno | 15 May 2021

I have been a strong supporter of Harmony this year.  It made me some money trading earlier in the year and I even opened a position that was #2 percentage-wise in my portfolio in April.  Unfortunately its price action (better yet- reaction) during this 2nd BTC dip in as many months convinced me that I was too heavy in this ALT.  It is too heavily paired to the price of BTC and every time there is any movement down the sellers take hold immediately dropping the ONE coin disproportionately. The same thing occurred in April's BTC pullback. 

In late March Harmony saw a really nice run-up to its all time high of around $0.22.  I timed it well and sold my bag around 0.20.  From there, the Harmony Team played a stupid April Fools joke that pissed off a lot of people.  If memory serves (two months in a bull market is like 2 years in RL) they claimed they had major news, released a 45 minute video that contained nothing, and at the end gave a HILARIOUS April Fools.  Stupid is really the only word for it.  The coin had just hit ATH, was having a pull back to consolidate for the next run, and then BAM...stupidity.  The coin went down from there breaking support levels all the way to the $0.09 level.  It seemed to be gaining traction in April with difficulty breaking a multi-million coin sell wall at $0.16 when BTC pooped the bed and sent Harmony crying down into the $0.07s.  I held my ground, didn't panic sell, added to my bag on the dip, and we saw an incredible recovery back to the $0.15s.  Unfortunately it kept being rejected at that dang 0.16 level.

At this point I should have lowered my exposure to Harmony, but fundamentally I believed and still believe the coin will do well.  I kept my bag intact until this past week.  With the volatility surrounding BTC, Harmony has underperformed my other ALTS.  It has been hovering in the 0.10-0.117 range and dropping every time BTC drops.  I only made one move this week; I decided that it was time I pared back my exposure and place a bet on another horse. 

Now I Shill My Favorite ALT

The panic selling throughout the market the past week created an incredible buying opportunity in my favorite smallish ALT, Telcoin.  If you have read my other articles you will know that I have been talking about it a lot recently and for good reason.  They recently passed phase 1 of their Nebraska legislative bill (that they wrote) that will basically give them them a charter to create a bank. They also have an enormous amount of news coming in the next two months that will propel them into large cap status.  Feel free to look at my other articles for more information.

Anyway, I put the majority of my Harmony holdings into TEL that I got for a steal, because people are quick to sell their bags when the market is crashing.  That move is already paying dividends as it is currently up %14 from where I added to my position compared to Harmony's shedding of my greenbacks.

I still believe Harmony will do well this year so I still own some.  I was just overexposed to it's volatile nature.  They have a good project that constantly adds to the utility of their network, onboards other projects, and has an active marketing team (although sometimes misguided).  They just can't be my side chick any longer and I sent them packing somewhere down the portfolio chain in the Realm of Lost Alts.

Thanks for Reading and if you enjoyed the content feel free to give me a thumbs up.


UPDATE:  Apparently the One coin didn't like my article so it decided to buck it's trend and head North as BTC went South.  Key resistance level to break is 0.16.  If it can bust through that level it could go test the ATH.

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Technologist, libertarian, and jpegs


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