Why is PROM Price Up By 69%?

The blockchain industry pioneer Andrei Grachev made a direct investment in the NFT gaming marketplace Prom, which led to a parabolic 70% rally of its PROM token. This surprise vote of confidence instantly added almost $150 million to Prom’s market capitalization, now exceeding $229 million.

PROM is the top gainer on Binance, with the price surging from a 24 hour low of $7.39 to a high of $14.64 before falling to its current price of $12.58.

Backing of Industry Leader

According to on-chain analytics platform SpotOnChain, Grachev personally acquired nearly 50,000 PROM tokens worth around $500,000. An independent public endorsement from such a reputable name triggered immense buzz and frenzied buying.

Confirming the purchase, Grachev tweeted about his maiden direct crypto investment, done independent of DWF duties. Committing to hold PROM for at least a year and provide ongoing support validated his long-term bullishness.

Technicals Support Rally Sustainability 

Analyzing the daily price chart after this news-driven impulse, Prom’s relative strength index (RSI) now prints an extremely overbought reading of 87.

As a momentum indicator, RSI’s above 70 warn of short-term peaks nearing. However, previous overbought rallies have shown sustainability until the low 90s RSI level many times across crypto assets.

This means potential remains for the rally to continue, notwithstanding the rare fundamental trigger behind it. With Grachev promising extensive nurturing for the NFT ecosystem as well, both investor awareness and adoption metrics could rapidly rise from current levels.

In summary, Prom finds itself firmly thrust into the spotlight after securing the confidence of an industry mogul in Grachev. Savvy traders can prudently accumulate positions should any short-term cooling arise, but expect further fireworks considering the credibility boost here.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency

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