Prom Market Overview: Volatile 24 Hours, Key Support Tested

• Prom posted a 24-hour high of $9.098 amid a volatile 15-minute swing but closed near $8.876, showing mixed momentum.
• Key resistance emerged at $9.00–$9.05, while support held near $8.85–$8.88, with bearish divergence in RSI suggesting potential exhaustion.
• Volatility expanded during the early session, peaking with a 15-minute candle that closed 5.3% lower, reflecting heavy selling pressure.
• Turnover surged as price moved below key Fibonacci levels, with volume confirming bearish bias in the final 6 hours.
• A long lower shadow and bearish engulfing pattern near $9.01–$8.95 suggest near-term continuation of the downward trend.

Prom (PROMUSDT) opened at $8.941 on 2025-08-15 at 12:00 ET, hit a high of $9.098, and closed at $8.876 as of 12:00 ET on 2025-08-16. Total volume for the 24-hour window was 184,764.52 PROM, with a notional turnover of approximately $1,649,676.

Structure & Formations

Price tested key resistance between $9.00 and $9.05 three times, failing to hold above this range despite higher highs in the early session. A bearish engulfing pattern formed between $9.02 and $8.95 on 2025-08-15 22:15–22:30 ET, which appears to signal a short-term top. Below, support held temporarily near $8.85–$8.88, though a long lower shadow on the $8.871–$8.866 candle (2025-08-16 06:15 ET) suggests buying interest at this level may be limited.

Moving Averages

On the 15-minute chart, price closed below both the 20-EMA ($9.01) and 50-EMA ($8.97) at the end of the 24-hour window, confirming bearish momentum. Daily moving averages (50, 100, 200) would likely show a similar bearish alignment if plotted, reinforcing the likelihood that the short-term downtrend remains intact.

MACD & RSI

MACD turned negative after 2025-08-15 22:00 ET, with a bearish crossover confirming the downward shift in sentiment. RSI, currently at 30.5 as of the 12:00 ET close, indicates oversold conditions but remains within a broader bearish divergence. This suggests traders should remain cautious of a potential bounce but not rule out a continued test of lower support levels.

Bollinger Bands

Volatility expanded as the upper band hit $9.10 during the early part of the session, with price closing near the lower band at $8.876, indicating a contraction in risk appetite. The bands have since converged slightly, suggesting a period of consolidation or a potential breakout attempt in the near term.

Volume & Turnover

Volume remained elevated in the late hours of 2025-08-15 and early 2025-08-16, peaking at $8.923 with a 15-minute turnover of $105,095. This aligns with the sharp drop from $9.01 to $8.89 in under 45 minutes, confirming bearish conviction. However, the last three hours showed a volume pullback, hinting at potential exhaustion or indecision.

Fibonacci Retracements

Price tested the 61.8% Fibonacci level at $8.94 after a key swing high of $9.098, failing to reclaim it. The 50% level at $9.02 also held as a critical line of resistance. On the daily chart, a major retracement level near $8.75 could be next in line if the current downward trend continues.

Prom appears to be consolidating below key psychological levels, with oversold conditions and bearish divergence in RSI suggesting a possible bounce may be limited in scope. However, a break below $8.84 could trigger renewed risk-off sentiment. Investors should closely monitor volume patterns and the 20-EMA for signs of reversal or continuation.