Echelon Prime (PRIME) Keeps a Moderately Volatile Market

In the second position on today’s list of trending coins is the Echelon Prime token. As of the time of writing, the coin has recorded a price increase of 8.98%. This market exhibits very volatile characteristics, as the token’s price chart shows a different bearing at the time of capture.

PRIME Statistics

Current Price: $0.969

Market Capitalization: $29.82M

Circulating Supply: 35.77M

Total Supply: 111.11M

CoinMarketCap Rank: 659

Key Price Levels

Resistance: $1.00, $1.50, $2.00

Support: $0.900, $0.700, $0.500

Echelon Prime Sees a Sharp Rejection

As shown on the daily chart, price action in the PRIME/USDT pair has rebounded off the resistance formed by the 9-day Exponential Moving Average (EMA) line.

As a result, the last price candle on this chart appears as a large red candle. Nevertheless, the market remains in contact with the 9-day EMA curve. Meanwhile, the Stochastic Relative Strength Index (SRSI) indicator lines can still be seen maintaining an upward trajectory below the 50 level of the indicator.

PRIME Tests a Promising Support

Examining the Echelon Prime market on the 4-hour chart, it is visible that price action has been descending over the past two sessions. However, it can be observed that as the price action approaches the 9-day EMA curve, bearish momentum begins to fade.

The last price candle on the chart appears noticeably smaller than those of the past two sessions. Furthermore, the SRSI indicator lines have performed a downward crossover above the 80 mark, and the ensuing lines are beginning to descend slightly.

Although traders may anticipate a rebound toward the $1.00 mark, if the bounce fails to occur, the market may proceed toward the $0.900 or $0.800 price levels.

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