This article will analyze the PROM token according to www.coinmarketcap.com data. First, we will discuss the PROM token and its projects and make technical and graphic analyses. The analysis we will do in the weekly period will help the investors to take risks and manage their portfolios.
What is PROM Token?
PROM is the native token of Prometeus Network, a decentralized ecosystem designed for data management and exchange. The network aims to provide a secure, transparent, and efficient platform for individuals and businesses to share their data without intermediaries or centralized authorities.
The PROM token serves multiple purposes within the Prometeus Network. It can be used as a means of payment for accessing premium features on the network, such as advanced analytics tools or data storage services. Additionally, it is also used as an incentive mechanism to reward users who contribute valuable data sets or participate in other activities that help improve the overall quality of the network.
What are the projects of PROM?
Prometeus Network is a decentralized ecosystem comprising several projects to enhance data management and exchange. Some of the notable projects under the Prometeus umbrella include:
Prometheus Protocol – This project provides a secure, decentralized framework for sharing and managing sensitive data without intermediaries or centralized authorities.
Prometeus Storage – A distributed storage solution lets users store their data securely and privately.
Prometeus Analytics – An advanced analytics tool that leverages artificial intelligence (AI) technologies such as machine learning to provide insights into market trends, consumer behavior, and other relevant data points.
Prometeus Marketplace – A platform where individuals and businesses can buy or sell datasets securely using PROM tokens as payment.
These projects aim to create an open, transparent, and fair ecosystem for sharing and managing valuable data assets without exposing them to risks associated with centralized systems, such as hacking attacks or unauthorized access by third parties.
Factors Influencing PROM Price
As with any cryptocurrency, several factors can influence the price of PROM tokens. Some of these factors include:
Market demand – The primary factor influencing any cryptocurrency’s price is market demand. If there is a high demand for PROM tokens in the market, the price will likely rise as buyers compete to acquire them.
Network adoption – The more users and businesses adopt Prometeus Network and use its services, the more valuable PROM tokens are likely to become.
Utility value – As mentioned before, PROM tokens have several utility values within the Prometeus ecosystem, such as payment for premium features or incentives for data-sharing activities on the network, which can increase their value over time.
Competition – The emergence of competing projects that offer similar services could drive down demand for PROM tokens and lower their prices.
Regulatory changes – Changes in regulations by governments or financial authorities may also impact cryptocurrencies’ prices negatively or positively depending upon how they perceive it.
It’s important to note that cryptocurrency markets are highly volatile and unpredictable; therefore, investors should conduct thorough research before investing in any digital asset like PROM token.
PROM COİN TECHNICAL ANALYSIS
After seeing its historical high of $ 55.200 in August 2021, PROM dropped 93% by the end of 2022, down to $ 3.688. Although it went up to $ 8.000 with the purchases in the market in March 2023, it is currently trading at $ 4.090. According to www.coinmarketcap.com data, PROM, which has a size of $74,811,269, has had a volume of $2,436,350 in the last twenty-four hours.
PROM Chart Analysis
From August 2021 to the end of 2022, the PROM token fell 93% from $55,200 to $3,688. PROM, which rose slightly to $ 8,000 in March 2023, is currently trading at $ 4,090. The weekly chart shows that the PROM token has been following a horizontal trend, closing between $3,688 and $8,000 for almost a year. If the $3,688 support is broken down, $ there could be an easing to $2,242. It could start the upside move if it starts to close above $8,000.
This article does not certain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when deciding. This article does not include investment advice or suggestions. Every investment and trading move involves risk, and readers should perform their analysis when determining.
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