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Looking at the 4-hour and Daily charts for PROM, it's clear that the bears have been in total control. However, we are reaching some very interesting technical levels.
🔍 Technical Insights
Daily Chart: $PROM has been on a heavy slide from its highs. The RSI on the daily is hovering around 20.7, which is in the Extreme Oversold territory. Historically, this often precedes a relief bounce.
4H Chart: Price is currently trading near the lower Bollinger Band (DN: 1.114). The mark price is at $1.125, struggling to find a solid floor.
MACD: On the daily, the MACD histogram is still red, but the momentum is starting to flatten out. We need a bullish crossover to confirm a trend reversal.
📊 Market Context:
While $BTC and $ETH are showing their own volatility today, small-cap coins like PROM are feeling the heat. If Bitcoin stabilizes, we might see a quick "short squeeze" for PROM back towards the $1.50 area.
📈 Trading Plan:
Support: $1.002 (Crucial psychological level).
Resistance: $1.156 (Middle Bollinger Band) and then $1.53.
Caution: Do not catch a falling knife without a clear reversal signal on smaller timeframes.
Is this the bottom for PROM, or are we going sub-$1? Let’s discuss below! 👇👍
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