PROM Daily Low At $4.80 Gets Swept Twice, Both On Heavy Volume

Prom's PROM token has now tested the same price floor twice in two days, and each test came with a wall of selling. The PROM daily low sits at $4.80, set on October 12. On October 16 and again on October 17 price dipped under it and closed back above. At 09:11 UTC on October 18 it traded near $4.81 on Binance.

The first sweep of the PROM daily low

The 12:00 UTC candle on October 16 did the damage. It opened at $5.338 and fell to $4.407, a drop of about 17% inside four hours. About 1.6 million tokens changed hands. A typical four-hour candle here trades around 52,000, which makes this one roughly 31 times the norm.

Over the whole day the volume ran to about 2.6 million tokens, and the next day added about 1.1 million. Price recovered fast, though. By the close of that day PROM sat at $4.869, back above $4.80. A dip under a low that ends in a close above it is called a sell-side sweep. It shows buyers stepped in at the lowest prints, though it proves nothing about what comes next.

Four-hour PROM/USDT candles from Binance with swing points, bearish order blocks and fair value gaps. Chart by Faith Njeri.

The second test and a heavy red candle

October 17 repeated the pattern in a milder form. The 08:00 UTC candle touched $4.479 and the day closed at $4.999, again above the PROM daily low.

Then the 04:00 UTC candle on October 18 broke the calm. It opened at $4.959, dropped to $4.528 and closed at $4.591, below $4.80. About 825,000 tokens traded, roughly 16 times the median. The 08:00 UTC candle was still open at 09:11 UTC, and TradingView showed it up 4.8% at that moment.

PROM/USDT four-hour chart on TradingView, captured at 09:11 UTC on October 18. Chart by Faith Njeri.

Daily trend and averages

The daily trend turned down on October 6 and has not turned back. PROM trades under its 20-day average near $5.38 and its 50-day near $5.09. Its 200-day sits far below, near $3.66. The weekly trend is still marked up, with the last weekly break of structure on August 24.

CoinGecko lists PROM at about $87.9 million in market value, rank 301. It shows a seven-day change of about minus 7.3%. The 30-day change is about minus 10.2%.

Two scenarios for the PROM daily low

The upside case needs a four-hour close above $5.314, the top of a bearish gap that formed on October 16. Next in line is the bearish block from $5.449 to $5.695.

The downside case starts with a four-hour close under $4.407, the low of the first sweep. That would leave open ground down toward the 200-day average near $3.66. It loses weight if price closes above $5.314 first.

We have no lean on the PROM daily low. Every level here comes from closed candles, and none of it is advice to buy or sell PROM.