- The PROM coin price is in a consolidation period between the range of $4.61 and $3.62.
- The token’s price is moving above the 200-day EMA, indicating positive growth.
PROM is a completely decentralized, confidential marketplace and rental for gaming NFTs. The PROM project closely aims to establish a sound future for the industry by meeting the needs of players, metaverse enthusiasts, NFT holders, guilds, and games.
Some Previous Actions of the PROM Token
In March 2023, the PROM coin price experienced a fall of 31%. Subsequently, it made a support at the $4.61 level. After one month, it started an impulsive bullish rally from that support level. The bullish hurdle failed to close above the $6.67 resistance level. Consequently, this caused a huge downfall in the PROM coin price and led to the break of the $4.61 support level. Subsequently, the price fell to a new support level of $3.62 which became a lower range for the consolidation phase. In July 2023, the PROM coin price made a bullish strike at the upper resistance of $4.61 and failed to close above it. As a result, buyers got instantly activated in the demand zone of $3.80. After that, the price experienced an increase of more than 80% in just three trading sessions. At present, PROM price is performing at the value of $4.33 with a 24-hour trading volume of 2,084,577. There are 18,250,000 PROM coins circulating in the market which have a value of $79,081,267.
Technical Indicators and Price Analysis
The PROM coin price has broken above the 50-day EMA and the 200-day EMA indicating the bullish outlook. In the past, it faced consistent resistance from the 50-day EMA. Right now, the 50-day EMA is at $4.07 and the 200-day is at $4.26.
PROM coin price broke above the mid-level resistance at $4.27 and is currently getting rejections from the $4.46 level. In the last three trading sessions, it has formed some bullish candles that countered the bearish sentiments in coin price. It is currently moving toward the upper range of $4.61. If it somehow manages to close above that level, it may go for the $5.15 resistance. On the other side, the relative strength index (RSI) also shows momentum in favor of the buyers. At present, the RSI is sloping at 63.81 toward the 70-mark upper band.
Conclusion
The PROM coin price is consolidating between the range of $4.61 and $3.62. Recently, it showed some signs of a bullish reversal from the $4.27 level as per the price action. Therefore, we expect a bullish scenario in the price. PROM price is currently moving toward the upper range of $4.61. If it somehow manages to close above that level, it may start a new bull run toward the major resistance of $7.02.
Technical Levels
- Resistance levels: $4.61 and $5.36
- Support levels: $3.94 and $3.62
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto assets comes with the risk of financial loss.