$PROM Current price: 5.111, up just 2.1% over 24h, but down 4.29% in the last hour and 8.26% over 4 hours. The price slid from 5.77 to around 5.0, leaving anyone who chased the rally today with unrealized losses of over 11%.
The key is volume. Trading volume over the past hour is 10.6 times the 24-hour hourly average, yet the price is still falling. A high-volume decline suggests sellers are in more of a hurry than buyers.
I don’t see funding rates being pushed up, nor do I see any buying support. This price-volume action looks like distribution, not accumulation.
I’m staying out if it breaks below 4.981.
#PROM #BinanceSquare #Crypto
The key is volume. Trading volume over the past hour is 10.6 times the 24-hour hourly average, yet the price is still falling. A high-volume decline suggests sellers are in more of a hurry than buyers.
I don’t see funding rates being pushed up, nor do I see any buying support. This price-volume action looks like distribution, not accumulation.
I’m staying out if it breaks below 4.981.
#PROM #BinanceSquare #Crypto