Market Overview for Prom (PROMUSDT): 24-Hour Technical Analysis

• Prom price action showed a U-shaped rebound from 7.634 to 8.049 in 24 hours, with key support holding at 7.634 and resistance at 8.06–8.12.

• Momentum shifted from bearish early in the session to bullish during late hours, supported by increasing volume and narrowing RSI divergence.

• Volatility remained dynamic with a Bollinger Band width of ~7.5%, indicating potential for further consolidation or breakout.

• Notional turnover spiked 40% during the final 6 hours, aligning with price recovery from 7.713 to 8.079 and confirming accumulation.

• A bullish engulfing pattern formed at 7.91–8.03 in the final candle of the 15-minute chart, suggesting short-term buying pressure.

Market Overview

Prom opened at 7.929 on 2025-08-07 at 12:00 ET, reached an intraday high of 8.12, and a low of 7.634 before closing at 8.079 on 2025-08-08 at 12:00 ET. The total 24-hour volume was approximately 374,578.77 units, with a notional turnover of ~$3,033,227 (based on average price). Price action was marked by a sharp early dip, followed by a strong recovery in the latter half of the session.

Structure & Formations

Price found strong support at 7.634–7.649, where three consecutive 15-minute candles tested this range before reversing. A bullish engulfing pattern formed between 7.91 and 8.03 in the final candle, suggesting potential follow-through buying. The 8.06–8.12 level acted as a key resistance area, with the price testing this twice, suggesting a possible breakout attempt in the near term.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed from below to above during the late recovery phase, indicating a shift to bullish momentum. Daily moving averages (50, 100, 200) appear to be in a mixed setup, with 50-period MA just above the 200-period, suggesting a potential base-building phase ahead.

MACD & RSI

The MACD crossed into positive territory during the late hours of the session, with a rising histogram indicating building bullish momentum. RSI bottomed at 30 during the early sell-off, signaling oversold conditions, and recovered to mid-50s by the close, suggesting a potential continuation of the recovery.

Bollinger Bands

Price fluctuated within a relatively tight Bollinger Band range, with a width of ~7.5%. The rebound from the lower band at 7.634 to the upper band at 8.06–8.12 suggests that volatility is increasing and could lead to a breakout if the price sustains above 8.06.

Volume & Turnover

Volume spiked significantly during the 6-hour recovery phase, particularly in the 20:00–02:00 ET window, with a notable increase in notional turnover. The volume/price alignment was strong during the rebound, indicating genuine accumulation rather than a false rally.

Fibonacci Retracements

Key 15-minute swing retracements occurred at 38.2% (7.78) and 61.8% (7.93) during the initial decline and recovery. The daily Fibonacci level at 61.8% (~7.89) appears to have held as a minor support and could now act as a short-term resistance.

Prom may continue its consolidation between 7.93 and 8.06 in the next 24 hours, with potential for a breakout if buyers commit to 8.12. However, traders should remain cautious of a pullback to 7.81–7.85 if momentum wanes or volume declines.