4.989: After Na Bo pulls the 7-day gain all at once, then it's all stair-steps down: a rebound to 4.685 got slapped back. Now 4.058 is hanging under the 15-minute double moving averages, with the 4-hour and daily charts having turned fully bearish.
Most striking is the futures market: intraday open interest once expanded to +8%, but over the most recent 7 hours it shrank by 6.6%. Fees flipped negative and the basis turned green. The longs are unwilling to pay even a single cent of premium. The newly added leverage isn’t because they’re bullish—it’s because they’re stuck and averaging down. The “pull-up” momentum has burned out.
The spot side is doing the same: sell orders are pressing down harder than buy orders. Large orders have net outflow over the past few candles, yet overall there is still net inflow for the last 3 hours. The incoming small orders are all absorbing the selloff from big players. This kind of turnover isn’t a bottom.
I will short PROM for: first target 3.79, second target 3.57. Place the stop-loss above 4.685. If one day it volume-expands and stands back above 4.989 so that the fee rate turns positive, that would mean new incremental funds truly came back—I’ll admit I’m wrong and flip my position.
#prom $PROM
Most striking is the futures market: intraday open interest once expanded to +8%, but over the most recent 7 hours it shrank by 6.6%. Fees flipped negative and the basis turned green. The longs are unwilling to pay even a single cent of premium. The newly added leverage isn’t because they’re bullish—it’s because they’re stuck and averaging down. The “pull-up” momentum has burned out.
The spot side is doing the same: sell orders are pressing down harder than buy orders. Large orders have net outflow over the past few candles, yet overall there is still net inflow for the last 3 hours. The incoming small orders are all absorbing the selloff from big players. This kind of turnover isn’t a bottom.
I will short PROM for: first target 3.79, second target 3.57. Place the stop-loss above 4.685. If one day it volume-expands and stands back above 4.989 so that the fee rate turns positive, that would mean new incremental funds truly came back—I’ll admit I’m wrong and flip my position.
#prom $PROM
