๐ Quick technical analysis for coin $PROM
on the 4-hour chart ๐
We notice that coin $PROM is experiencing very strong bullish momentum after recording a gain of more than 8%, trading around the 6.93 USDT level. The price is currently stable above the main moving averages (EMA 7, 100, 200), confirming buyersโ control. However, the Relative Strength Index (RSI) is in an overbought zone above 76, which means we may see some fluctuation or a minor correction before the move continues.
Here are the expected scenarios for the next move:
๐ข 1. Bullish scenario (continuation of positivity):
Condition: Holding above the fast moving average support at 6.73 USDT.
Target: Retest the previous high at 7.89 USDT. If it breaks that level and closes with a strong candle above it, we will open the door to new levels targeting 8.50 USDT, then 9.20 USDT.
๐ด 2. Bearish scenario (correction and profit-taking):
Condition: A break of the 6.73 USDT level and a close below it.
Target: The price will move to relieve the overbought momentum and retest strong support zones between 5.70 - 5.80 USDT, which are excellent rebound areas. Losing these zones could extend the downside move to 4.50 USDT.
๐ก Tip for traders:
Entering at the current price involves risk due to the RSI overbought condition. Wait for confirmation of the breakout above the high or a clear bounce from the support zones to make your entry safer with the lowest possible risk.
What are your expectations for the next move? Will we break $8?
#GoldFalls3.24%ThisWeek #VietnamPilotsCryptoAssetMarket
on the 4-hour chart ๐
We notice that coin $PROM is experiencing very strong bullish momentum after recording a gain of more than 8%, trading around the 6.93 USDT level. The price is currently stable above the main moving averages (EMA 7, 100, 200), confirming buyersโ control. However, the Relative Strength Index (RSI) is in an overbought zone above 76, which means we may see some fluctuation or a minor correction before the move continues.
Here are the expected scenarios for the next move:
๐ข 1. Bullish scenario (continuation of positivity):
Condition: Holding above the fast moving average support at 6.73 USDT.
Target: Retest the previous high at 7.89 USDT. If it breaks that level and closes with a strong candle above it, we will open the door to new levels targeting 8.50 USDT, then 9.20 USDT.
๐ด 2. Bearish scenario (correction and profit-taking):
Condition: A break of the 6.73 USDT level and a close below it.
Target: The price will move to relieve the overbought momentum and retest strong support zones between 5.70 - 5.80 USDT, which are excellent rebound areas. Losing these zones could extend the downside move to 4.50 USDT.
๐ก Tip for traders:
Entering at the current price involves risk due to the RSI overbought condition. Wait for confirmation of the breakout above the high or a clear bounce from the support zones to make your entry safer with the lowest possible risk.
What are your expectations for the next move? Will we break $8?
#GoldFalls3.24%ThisWeek #VietnamPilotsCryptoAssetMarket
