$PROM Just Finished Free Fall! 🤯 Where to Go Now?
Hello trader friends! 👋 I'm currently checking the PROM/USDT chart on the 4-hour timeframe. Wow, this PROM just fell quite deep! 📉
Important Points I've Found:
- The trend is still very downward! Just had a sharp BOS (Break of Structure) downwards. The selling pressure was incredibly strong yesterday! 💨
- There's a supply area or strong resistance around $5.20-$5.40. If PROM tries to rise there, it seems like it will bounce back again. 🧱
- The trading volume yesterday was huge during the drop, indicating a lot of panic selling. It's quiet now, like PROM is resting after a marathon! 😴
- The RSI is trying to rise from the oversold area, but the momentum isn't very strong yet. This could just be a temporary bounce. 📉
Optimistic View ✨:
If PROM can hold in the temporary demand area ($4.40-$4.50) and significant buy volume comes in, it might retest around $4.70. But this is still just hope! 🙏
Cautious View ⚠️:
The downward trend is still very dominant. If this bounce fails to break the resistance, get ready for PROM to look for new lows again. So, be very careful! 🥶
Conclusion:
PROM is currently in a strong bearish phase. For those who want to trade, it's better to be patient or look for selling opportunities if there's a retest to the resistance area. Don't rush to enter a buy position!
Come on, share your opinions in the comments section! 👇
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