$PRL is right near its ATH, just 5.5% away. It’s up 125% in 30 days and another 50% in 7 days. Since rising from $0.85 on September 21, it’s climbed in steps, with buyers stepping in on every pullback—not in one straight shot.
What I’m paying more attention to is volume. The market cap is $692M, and today’s trading volume is $9M, so turnover isn’t especially high. Volume picked up as the price rallied from October 14; it topped $10M on the 15th and 16th, then contracted during the pullback on the 17th and 18th. Today, volume is back to $9M as the price approaches its ATH—but it still hasn’t exceeded the high volume seen during the previous rally. The price is nearing a key level, but volume hasn’t caught up. The signals are out of sync.
The conditions for confirming the trend are very specific: on the day it breaks above $2.1, volume needs to exceed the level seen on October 16. A breakout above the ATH on strong volume would validate the bullish thesis; if volume is still around $9M, even a move above the high deserves a second look.
Those already holding are wondering when to take profits, while those on the sidelines see that the price is just 5% off its high and that chasing it leaves almost no room for error. Until volume points the way, this is an uncomfortable position for everyone.
What I’m paying more attention to is volume. The market cap is $692M, and today’s trading volume is $9M, so turnover isn’t especially high. Volume picked up as the price rallied from October 14; it topped $10M on the 15th and 16th, then contracted during the pullback on the 17th and 18th. Today, volume is back to $9M as the price approaches its ATH—but it still hasn’t exceeded the high volume seen during the previous rally. The price is nearing a key level, but volume hasn’t caught up. The signals are out of sync.
The conditions for confirming the trend are very specific: on the day it breaks above $2.1, volume needs to exceed the level seen on October 16. A breakout above the ATH on strong volume would validate the bullish thesis; if volume is still around $9M, even a move above the high deserves a second look.
Those already holding are wondering when to take profits, while those on the sidelines see that the price is just 5% off its high and that chasing it leaves almost no room for error. Until volume points the way, this is an uncomfortable position for everyone.