Crypto Market Watch: Expected Trends for RNDR, TAO, and PROM

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: Apr 22 2024

PROM-6.511%

TAO-1.334%

Should l Buy PROM?

Market Forecast by Altcoin Sherpa:
- Predicts a downturn for Render (RNDR) and Bittensor (TAO) in the cryptocurrency market.
- Caution issued regarding potential decrease in PROM coin under certain market conditions.
Insights on RNDR and TAO:
- RNDR might present a buying opportunity at the 0.618 Fibonacci retracement level.
- TAO expected to test the 0.50 Fibonacci support level with downside risks.
Scrutiny on PROM:
- PROM's price stability questionable if it falls below $9.45 support level.
- Potential for substantial pullback if PROM closes below noted support.
Investment Considerations:
- RNDR could be a buy opportunity at indicated Fibonacci level.
- TAO needs cautious monitoring near critical support levels.
- PROM's market stability tentative, requiring vigilant investment decisions.

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Technical Analysis for PROM

Technical Sentiment Analysis for Prom (PROM). As of , Prom (PROM) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 2 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for PROM stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, PROM is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Prom (PROM) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	0.422	0.762	1.029	1.369	1.636	1.976	2.243
Fibonacci	0.762	0.994	1.138	1.369	1.601	1.745	1.976

About PROM

Prom is a scalable high-performance scalable network based on Polygon СDKBeing both a competitive network for everyday usage and an efficient framework to power diverse dApps, Prom ensures the highest speed and data integrity.Prom is built on ZK stack, the frontrunner technology, which enables us to offer an excellent level of privacy and scalability. $PROM remains the driving force of the network as a native utility token.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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