- Echelon Prime has witnessed a huge surge in its trading volume.
- The TVL of the PRIME crypto has consistently advanced over the last few days.
PRIME, the native token of the Echelon Prime Foundation, fuels a Web3 ecosystem focused on advancing gaming’s next generation. Echelon fosters innovation and growth in gaming models and economies, with Parallel TCG as its flagship sci-fi trading card game. Players earn PRIME through gameplay, utilizing it for governance and other utilities.
The trading volume of the Echelon Prime crypto has witnessed a huge surge of 198% in the last 24 hours. This further has resulted in a traded value of $10.384 Million and the volume/market cap ratio of the crypto is 1.8%.
The market cap of Echelon Prime crypto further has witnessed a decline of 9.2% in the last 23 hours and the market cap value of the crypto is $551.04 Million. The advance in the volume with the decline in market cap is not a good sign for the price.
Echelon has a market cap ranking of #120; dominance of the crypto is 0.02%. The price volatility of the crypto is also high and currently stands at 10.41%. The sentiment of the crypto further is bullish as per CoinCodex.
The crypto furthermore has a circulating supply of 35.773M PRIME which is just 32% of the maximum supply. The total and the maximum supply of the crypto are the same resulting in 111.11M PRIME. The following data further results in a fully diluted market cap of $1.701 Billion and a high supply inflation of 85.0%.
PRIME Crypto Technical Analysis
The price of PRIME crypto is witnessing strong selling pressure as its trading price has been consistently declining to lower levels. Consistent lower highs on the daily chart of the crypto can be seen.
The price is heading towards the lower liquidity zones and the price might witnessing some buying price action at the lower levels. If the price further sustains the support level, a reversal in the trend of the crypto might occur.
The all-time high price of the PRIME crypto was achieved a month ago and the crypto hit an all-time high price of $28.08 on March 21, 2024. The price of the crypto since then has declined by 44.3%.
PRIME/USD Chart by TradingView
The daily chart of the PRIME crypto shows a bearish cross of 20 and the 50-day EMAs. Essentially, the price is following a declining momentum. It might further hit the 200-day EMA soon.
If the price of the crypto further declines below the 200-day EMA, a huge decline in the price of the PRIME crypto might be seen in the future.
The MACD metrics are also trading in the negative territory followed by the MACD and the signal line are trading in a bearish cross. The histograms formed on the chart further indicate bearishness in the price.
The RSI has also declined to 33.9 from the overbought zones. This shows a decline in the momentum of the crypto as the RSI has slipped below the 14-day SMA.
Summary
PRIME crypto faces selling pressure, with declining prices and a bearish trend evident on technical indicators like EMAs and MACD. Despite high trading volume, the market cap decline signals a potential downside. If prices breach key EMAs, further declines may occur. RSI suggests weakening momentum, warranting caution for investors.
Technical Levels:
- Support Levels: $6.50 and $8.80
- Resistance Levels: $21.0 and $28.30
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 research before making any financial decisions.