Echelon Prime (PRIME) Builds Momentum Ahead Of Key Breakout: Is A Rally Ahead?
PRIME
Date: Fri, Jan 03, 2025, 04:05 PM GMT
The cryptocurrency market is making a recovery following December's significant correction. Bitcoin (BTC) has shown resilience, bouncing back from its December 31 low of $92,000 and climbing above $97,000 today.
Amid this recovery, the gaming token Echelon Prime (PRIME) is back on track, showing strong momentum with an impressive 35% surge over the last 7 days.
Source: Coinmarketcap
Key Breakout Ahead
The recent quick recovery from the lower level of $9 has pushed PRIME to its current price of $15, which is close to the descending resistance of a descending triangle pattern that has been active since March 2024.
Echelon Prime (PRIME) 1D Chart/ Coinsprobe
If PRIME successfully breaks out of this descending resistance, the next steps could set the stage for a significant rally. A successful retest of this breakout zone could drive PRIME to its next key resistance levels of $16.50, $20.51, and even the $28 high of the triangle pattern. This potential rally represents an 87% increase from the current price level.
Looking at the technical indicators:
- MACD (Moving Average Convergence Divergence): The MACD histogram is showing bullish momentum, with the MACD line crossing above the signal line. This is often seen as a sign of potential continued upward momentum.
- RSI (Relative Strength Index): The RSI has climbed to 63, indicating a strong uptrend without yet reaching overbought territory. This suggests PRIME has room to grow before encountering significant resistance.
What’s Next for PRIME?
A clear breakout above the descending resistance, followed by a retest, could attract additional buyers and increase trading volume, propelling the token to the next resistance levels. However, failure to break this resistance may lead to another pullback, potentially retesting the lower support levels near $12.30.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
Also Read: Litecoin’s (LTC) Recovery Brings It Close to Key Resistance: Is A Breakout Looming?
