$PROM had a strong move on the 4 hour chart. It started from around $1.804 and slowly built higher before the buying became stronger and pushed price all the way up to a peak of $7.890. After reaching that level, the price was rejected and started falling quickly. PROM is now around $5.184, which is well below the peak and shows that sellers have taken back a good amount of control.
The larger move still looks impressive, but the current chart is clearly weaker than it was near the top. Price is making lower moves after the rejection and it has not been able to recover strongly. PROM can still bounce if buyers return, but another move down is also possible, especially after such a large run. If the selling continues, price may start moving toward the lower support areas instead of immediately going back to $7.890.
EMA(7) is at $5.424 and EMA(25) is at $5.613, while EMA(99) is lower at $4.248. Price is currently below EMA(7) and EMA(25), which shows that the short term trend has weakened. EMA(99) is still below the current price, so the longer structure has not completely broken yet. Reclaiming the $5.424 to $5.613 area would improve the short term picture, while losing support could bring EMA(99) near $4.248 into focus.
Volume increased during the move up and helped push PROM toward the peak. But the current volume is now lower, with 132K PROM and 700K USDT compared with the moving averages of 248K and 367K. This shows that activity has cooled after the earlier move. If volume continues fading while price stays below the short term EMAs, it would support the possibility of more downside. Buyers would need stronger volume to show that they are ready to take control again.
Price: $5.184
24h low: $4.892
24h high: $5.732
24h Volume Traded: 8.22M USDT
24h Volume: 1.53M PROM
24h Change: -7.64%
Category: NFT
Spot only. DYOR, not financial advice
The larger move still looks impressive, but the current chart is clearly weaker than it was near the top. Price is making lower moves after the rejection and it has not been able to recover strongly. PROM can still bounce if buyers return, but another move down is also possible, especially after such a large run. If the selling continues, price may start moving toward the lower support areas instead of immediately going back to $7.890.
EMA(7) is at $5.424 and EMA(25) is at $5.613, while EMA(99) is lower at $4.248. Price is currently below EMA(7) and EMA(25), which shows that the short term trend has weakened. EMA(99) is still below the current price, so the longer structure has not completely broken yet. Reclaiming the $5.424 to $5.613 area would improve the short term picture, while losing support could bring EMA(99) near $4.248 into focus.
Volume increased during the move up and helped push PROM toward the peak. But the current volume is now lower, with 132K PROM and 700K USDT compared with the moving averages of 248K and 367K. This shows that activity has cooled after the earlier move. If volume continues fading while price stays below the short term EMAs, it would support the possibility of more downside. Buyers would need stronger volume to show that they are ready to take control again.
Price: $5.184
24h low: $4.892
24h high: $5.732
24h Volume Traded: 8.22M USDT
24h Volume: 1.53M PROM
24h Change: -7.64%
Category: NFT
Spot only. DYOR, not financial advice
