PROM is around 2.5u now.
When I sent the previous message, I already said not to chase this wave of a 40% surge that pops out from the floor. Now it does look like it peaked and got exhausted when it pushed to about 3.4+, and in just two days it has fallen another 20% from the highs.
Short-term momentum is weakening: the price has dropped back below the 15-minute dual moving averages; both the 4-hour and daily charts are pointing downward, and on the order book there are active sell orders pressing against buy orders. Chasing longs from this level isn’t worth it.
But as it drops, there’s also money coming in. Over the past three hours, spot net inflows have stayed positive, and the leveraged spot long/short ratio has doubled overnight—showing that some people are willing to pick up chips at this level.
The derivatives side is even more complicated: open interest has surged by more than double in a single day, but the funding rate is negative—shorts are crowded. With this kind of structure, both sides can easily get hit: price can keep dropping, but any rebound can also be fierce.
So I’ll observe for now. Only talk about going long if it reclaims the moving average and volume expands. If it breaks below 2.4 support, we’ll continue to view the short term as weak. For a small-cap coin that just had a wave of high volatility, it’s better to wait for the market to choose a direction before acting—than to guess both ways.
#prom $PROM
When I sent the previous message, I already said not to chase this wave of a 40% surge that pops out from the floor. Now it does look like it peaked and got exhausted when it pushed to about 3.4+, and in just two days it has fallen another 20% from the highs.
Short-term momentum is weakening: the price has dropped back below the 15-minute dual moving averages; both the 4-hour and daily charts are pointing downward, and on the order book there are active sell orders pressing against buy orders. Chasing longs from this level isn’t worth it.
But as it drops, there’s also money coming in. Over the past three hours, spot net inflows have stayed positive, and the leveraged spot long/short ratio has doubled overnight—showing that some people are willing to pick up chips at this level.
The derivatives side is even more complicated: open interest has surged by more than double in a single day, but the funding rate is negative—shorts are crowded. With this kind of structure, both sides can easily get hit: price can keep dropping, but any rebound can also be fierce.
So I’ll observe for now. Only talk about going long if it reclaims the moving average and volume expands. If it breaks below 2.4 support, we’ll continue to view the short term as weak. For a small-cap coin that just had a wave of high volatility, it’s better to wait for the market to choose a direction before acting—than to guess both ways.
#prom $PROM