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- 1 Prom buyers are trying to break the 50 EMA level, suggesting that the bulls are trying to pull back.
- 2 The crypto rose by almost 19.14% this week, showcasing that buyers are active in the crypto.
PROM price is trading in the upward direction as it is bouncing back from the lower dynamic support. If the price breaks the 50 EMA levels then it may reach the upper threshold of $20.
The last few trading sessions have shown bullishness as the PROM price gains momentum, breaking above the 20, 50, 100, and 200-day EMAs. The chart indicates a breakout from the $11.85 zone. Recently, the crypto has tested the demand zone and found support, leading to a bounce back. Buyers have regained their strength and are aiming for the $16 level in upcoming sessions.
Over the past few months, the chart structure has demonstrated volatile movement, with the crypto experiencing rejections from the supply range. However, the lower levels have acted as support regions, allowing the crypto to bounce back and trade within a narrow range.
Furthermore, the crypto’s trajectory indicates bullishness beyond the $11 zone, suggesting a potential rally. However, if further rejections occur, the crypto will continue to trade within the congestion zone. Similarly, bearishness could be extended below $8.00.
Currently, the PROM crypto is trading at $11.47 with an intraday minor loss of 2.07%, breaking below the 200-day EMA and showing bearishness on the charts. Additionally, the intraday trading volume is 3.76 Million.
Technical Analysis of PROM Crypto Price in 1-D Timeframe
PROM crypto is currently trading above the 50 and 200-day DMAs, which is providing support for its price momentum.
If buying volume continues to increase, it is possible that the price will experience bullish momentum and reach higher highs and new highs. As a result, the daily time frame chart suggests that the PROM price is expected to rise.
The RSI value for PROM crypto is currently at 47.71 points, while 14 SMA is above the median line at 42.20 points, indicating a bullish trend for PROM.
The MACD line for PROM crypto is currently at -0.60528 and the signal line is at -0.63878, both of which are above the zero line. This indicates that the momentum for PROM crypto is strong.
Summary
The technical oscillators, such as MACD, RSI, and EMA, demonstrate positive signals, suggesting that the uptrend is likely to continue. The price action of the crypto reflects a bullish perspective, and the price is currently trading in the upward direction. The chart structure has been volatile, and the crypto has experienced rejections from the supply range. However, the lower levels have acted as support regions, allowing the crypto to bounce back and trade within a narrow range.
Technical Levels
Support Level: $8.82
Resistance Level: $11.85
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
