Market Overview for Prom/Tether (PROMUSDT)

Summary
• Price surged from $6.74 to $7.22, forming a bullish flag pattern.
• RSI reached 68, indicating near-overbought conditions with strong momentum.
• Bollinger Bands expanded significantly, signaling heightened volatility.
• Volume spiked during key upward moves, confirming bullish conviction.
• 50-period MA on 5-min chart crossed below price, signaling short-term strength.

Market Overview

Prom/Tether (PROMUSDT) opened at $6.74 on 2026-01-08 at 12:00 ET, reached a high of $7.22, and closed at $7.116 on 2026-01-09 at 12:00 ET. The price traded between $6.67 and $7.22 over the 24-hour period, with a total volume of 98,813.82 units and a notional turnover of $682,932.27.

Structure & Formations

Price action displayed a strong bullish flag pattern after a sharp rally from $6.74 to $7.22, followed by consolidation. Notable resistance formed near $7.22, with support at $6.92–$6.93. A bullish engulfing pattern emerged at $6.924–$6.951 on the 5-minute chart, indicating a potential short-term reversal. Doji were observed around $7.03 and $7.09, hinting at indecision and possible turning points.

Moving Averages

On the 5-minute chart, the 20-period MA crossed above the 50-period MA during the morning hours, suggesting upward momentum. The 50-period MA remained below the price for most of the session, signaling strength in the short term. On the daily chart, price closed above the 50-period MA but below the 200-period MA, indicating a potential continuation of a longer-term bullish trend.

MACD & RSI

The MACD crossed into positive territory in the late morning and remained bullish for much of the session, aligning with the price surge. RSI peaked near 68 in the early afternoon, signaling overbought conditions and suggesting a possible pullback. However, the momentum remains strong, and a decline into the 50–55 range could signal a continuation of the rally.

Bollinger Bands

Bollinger Bands expanded significantly during the rally from $6.74 to $7.22, indicating rising volatility. Price traded near the upper band for much of the afternoon before retracting slightly toward the mid-band during the evening. A retest of the upper band could provide confirmation of bullish momentum.

Volume & Turnover

Volume surged during key upward moves, with over 10,000 units traded in several 5-minute intervals. Notional turnover reached $70,711.38 at $7.197, coinciding with a strong price reversal. Volume and turnover divergences were minimal, suggesting consistent buying pressure throughout the session.

Fibonacci Retracements

On the 5-minute chart, price retested the 38.2% Fibonacci retracement at $7.08 during consolidation, before rebounding toward $7.16. The 61.8% level at $6.98–$7.01 was also a key support zone earlier in the session. Daily retracement levels suggest a potential correction toward $7.00–$7.05 if the current trend stalls.

Price could continue testing the $7.22 resistance in the next 24 hours, with a possible break above confirming a bullish bias. Investors should remain cautious of a pullback toward $7.00–$7.05, where strong support may provide a low-risk entry for longs.