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Prometeus Breakout Analysis – Parabolic Breakout on PROM with +90% Gain in a Single Day
Prometeus PROM just pumped up to +90% in a single day with a strong breakout on Binance & other Exchanges. Let’s take a quick look at PROM, price analysis, and possible reasons for the recent breakout.
What is Prometeus?
Prometeus Network describes itself as a secure and decentralized ecosystem designed to solve real-world problems in data brokerage. It was created for the Influencer Marketing, Medical, and Insurance data market industries. Prometeus Network is developed by Prometeus Labs, a company of data scientists and entrepreneurs.
PROM Quick Stats
| SYMBOL: | PROM |
| Global rank: | 199 |
| Market cap: | $43,632,422 AUD |
| Current price: | $6.89 AUD |
| All time high price: | $7.50 AUD |
| 1 day: | +90.25% |
| 7 day: | +105.66% |
| 1 year: | +1345.47% |
PROM Price Analysis
At the time of writing, PROM is ranked 199th cryptocurrency globally and the current price is $6.89 AUD. This is a +105.66% increase since 10th December 2020 (7 days ago) as shown in the chart below.
After looking at the above 4-hour candle chart, we can clearly see that PROM was trading inside the inverse head and shoulders pattern on the PROM/BUSD pair. The first resistance was on the $3.12 AUD price level which PROM broke with a strong bullish trend buying volume and is now heading towards the all-time high price. Seeing that many altcoins are waking up bullish today, PROM is likely to continue to increase in the uptrend.
“An inverse head and shoulders pattern is comprised of three component parts: After long bearish trends, the price falls to a trough and subsequently rises to form a peak. … The price falls for the third time, but only to the level of the first trough, before rising once more and reversing the trend.”
What do the Technical indicators say?
The PROM TradingView indicators (on the 1 day) mainly indicate PROM as a buy, except the Oscillators which indicate PROM as a sell.
So Why did PROM Breakout?
The recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason could be the whales, secretly stacking up PROM to their portfolio for this Altcoin rally. It could also be contributed to some of the recent news of Binance Listing PROM to Innovation Zone.
Recent PROM News & Events:
- 30 September 2019 – Prototype Release
- 31 December 2019 – TestNet Release
- 06 August 2020 – Bithumb Listing
- 27 November 2020 – Binance Listing
Where to Buy or Trade PROM?
Prometeus has the highest liquidity on Binance Exchange so that would help for trading PROM/BUSD or PROM/BNB pairs. However, you can also buy PROM from different exchanges listed on Coinmarketcap.
Author
Malik Junaid
Malik is a skilled writer with a background in Software Engineering. His interests are blockchain, cryptocurrency trading and market analysis.
