Date: Sun, Jan 12, 2025, 09:18 AM GM
Despite the ongoing correction in the cryptocurrency market, two altcoins—Prom (PROM) and Ethernity Chain (ERN)—have captured the spotlight with significant price movements. While PROM has surged by an impressive 34% following a key breakout, ERN has risen over 4%, hinting at the possibility of a similar move.
Prom (PROM)
PROM is showing strong momentum after breaking out of a long-standing descending triangle pattern that had been in play since March 2024. Today’s rally saw PROM breach the critical resistance level at $6.70, propelling its price to current level of $7.30. At this point, PROM could attempt a retest of this breakout before moving toward to its the next resistance level at $7.87.
Should PROM manage to break above this level, it could pave the way for further upside toward $13 and $16, offering significant potential for gains.
Technical Indicators:
- The MACD (Moving Average Convergence Divergence) has turned bullish, signaling growing momentum.
- The RSI (Relative Strength Index) is hovering in the neutral zone, indicating room for further upside without being overbought.
Ethernity Chain (ERN)
ERN appears to be following in PROM’s footsteps, forming a descending triangle pattern similar to PROM’s earlier setup. This pattern has been in place since the last bull run of 2021. Currently trading at $2.38, ERN is inching closer to its upper resistance trendline.
A breakout above this resistance, followed by a successful retest, could propel ERN toward the next resistance level at $3.86, representing a potential 56% gain from current levels. If the momentum continues and ERN clears this hurdle, it could target the $8.75 resistance zone, marking an even more significant upside.
Technical Indicators:
- The MACD is on the verge of a bullish crossover, indicating growing buyer strength.
- The RSI remains balanced, suggesting there’s still room for upward movement before entering overbought territory.
Conclusion
The recent price action of PROM and ERN highlights their potential to deliver significant gains in the near term. PROM has already confirmed a bullish breakout, with strong momentum driving it toward higher resistance levels. Meanwhile, ERN is positioned at a critical juncture, mirroring PROM’s earlier setup, and could soon follow with a similar breakout if it overcomes its key resistance.
Both assets are showing encouraging signals on technical indicators, making them worthy of attention for traders and investors looking to capitalize on these emerging opportunities. However, as always, market conditions can change rapidly, so careful monitoring and risk management are essential.
Disclaimer: This article is for informational purposes only and should not be taken as financial advice. Always conduct your own research before making investment decisions.