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Highlights:
The Prom price has skyrocketed 25% to $7.88 at press time, gaining a spot among the top gainers in the past 24 hours. The growing interest in the token has seen the trading volume spike by more than 360% to $150.21 million despite the market tumbling 3.7% to $3.3 trillion.
PROM has surged 36% in the last week due to growing interest and positive sentiment, 24% in a month, and 50% in a year. The momentum showcases the project’s and its community’s strength for more optimistic times ahead.
Moreover, various crypto analysts are projecting a higher Prom price this year. The funding rate is -4 on ByBit, suggesting that the cutoffs may be wild. Crypto analysts via X say the Prom price might mirror the 2020 rally and surge to $70.
$prom will pump to $70. Yes $70!
Funding is -4. Same thing happened in 2020. pic.twitter.com/8jH2Tf3iMt— Crypto Analyst (@CryptoA40672341) January 12, 2025
Based on CoinmarketCap data:
PROM has exploded with over 30% gain, climbing from $5.49 to $8.61 before a slight pullback to $7.88, driven by massive trading momentum. With a 24-hour high of $8.61, a breakout above this resistance could push the price toward $9.20 or higher.
A zoomed outlook at the technical indicators, the buying interest is rising, painting the bigger picture bullish. Moreover, the immediate support levels at $6.05 and $6.37 further tilt the odds towards the bulls. Traders interested in holding long positions in PROM and possibly desire to seek more exposure to the token may do so assured that the golden cross pattern on the 1-day chart is a bullish gesture.
A golden cross comes into the picture when a short-term moving average (50-day SMA) crosses above a long-term moving average (200-day SMA).
Although not currently overbought, the RSI (Relative Strength Index) which measures the strength of an asset’s trend – either up or down, suggests strong buying activity. Its position at 68.65 signals that there is still more room for the upside before PROM is considered overbought. Soon after the RSI enters the overbought region above 70, traders may commence to sell, increasing the chances of a trend reversal.
On the other hand, the MACD (Moving Average Convergence Divergence) is strongly positive, with the MACD line (0.0756) crossing above the orange Signal line (-0.0528). This calls for traders and investors to rally behind PROM, revealing that more upside is expected in the Prom price.
The Prom price rally took off after stepping above the $6.37 support floor. It was characterized by a spike in trading volumes due to growing interest from traders who find PROM tradeable compared to prominent cryptos like Bitcoin and Ethereum, which are currently moving sideways.
With the resistance at $8.61 turned into immediate support, Prom’s rally is bound to continue. The next significant rendezvous for the bulls is the $10 level but with the ability to spread their wings to $12.40. Conversely, the prom price could fall if early profit booking occurs in the market. In such a case, the $6.37 support floor will be in line to absorb the potential selling pressure.
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