Echelon Prime Price Prediction: PRIME Crashes 9%

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A little-known Ethereum gaming token Echelon Prime has rallied 20% over the last seven days. PRIME is up 92% over the previous month and 77% over the past six months. Its 24-trading is at $2,393,162, up 23% on the day. This suggests that the investor interest in the token is still high.

At the time of writing, Echelon Prime is trading at $3.41, down 9% daily. Its live market cap is $87.8 million, placing it at 244 on the CoinMarketCap ranking.

Echelon Prime is a gaming project that aims to advance next-generation gaming through its Web3 ecosystem. According to its website, Echelon creates tools to encourage innovation and growth in novel gaming models and economies.

What’s Behind Recent Buzz?

Last week, Echelon Prime Foundation, the organization behind the gaming token, launched a grant proposal for its community to vote on. Funge Labs submitted the proposal for their cross-IP NFT auto battler.

Proposal PDF: https://t.co/ReOKcAmCJz

— Echelon (@EchelonFND) August 9, 2023

According to the proposal document, the grant aims to fund its NFT game, “What the Funge.” The proposal states:

“What the Funge is the world’s first NFT bar fight simulator and turn-based battle game. It offers utility for players to compete using other projects’ NFTs to gain “eternal conquest, glory, and PRIME.”

Despite the gains that followed this news, PRIME remains down over 21% from the August 20 peak at $4.40 and 31% below the all-time high (ATH) reached soon after top US exchange Coinbase listed the token.

Echelon Prime Bulls Eye Move To $9.15

PRIME was trading at $2.15 on August 1, but the price began to drop towards the end of the day, declining nearly 15% over the next four days.

The Echelon Prime price bounced off the support at $1.83, rallying 140% to $4.40. Selling pressure from this level saw the price turndown to find consolation from the $3.37 buyer congestion zone preventing the price from dropping lower in Tuesday’s session.

PRIME’s price action since August 8 has led to the appearance of a bullish flag, as seen on the daily chart below. This highly bullish technical pattern indicates that the gaming token’s uptrend may continue in the near term.

Accordingly, the price faces immediate resistance from the flag’s upper boundary at $3.77. A daily candlestick close above this level would confirm the continuation of the uptrend, with the first line of resistance emerging from the psychological level at $4.0. The equal highs set the next barrier at $4.40, which is also the tip of the flag’s post.

If bulls can push the price past this level, it would set the path for them to reach the technical target of the governing chart pattern at $9.15. This would represent a 167% rise from the current price.

PRIME/USD Daily Chart

Echelon Prime Price chart - August 22 — TradingView Chart: PRIME/USD

Besides this bullish chart formation, the relative strength index (RSI) position in the positive region added credence to Echelon’s bullish outlook. The price strength at 63 hinted at more buyers than sellers, which could increase the price.

Moreover, the Moving Average Convergence Divergence (MACD) indicator was still positive after the MACD line (blue line) moved above the signal line (orange line) at the start of the month. This favors the upside.

Conversely, RSI showed that the PRIME price recently massively overbought, reinforcing the ongoing downside correction. This trend-following indicator also turned away from the positive region toward the midline, showing that overhead pressure from the flag’s upper boundary is intense and that the ongoing correction may continue in the near term.

As such, if the price falls below the flag’s lower boundary at $3.41 and cracks through the support offered by the $3.0 demand level, it would trigger massive sell orders that could see Echelon prime price pull back toward the 50-day and 100-day SMAs at $2.72 and $2.16 respectively.

If this support is also lost, the PRIME price may revisit the $31.84 support floor, embraced by the 200-day SMA. Market participants could expect the price to take a breather before making another attempt at recovery.

PRIME Alternatives

Those seeking to buy the Echelon Prime token around the same levels should wait for the price to break above the flag and produce a daily close above the equal highs at $4.40. This would set investors on a path to get up to 160% gains if the price completes the technical pattern.

Investors could also look into new crypto projects in a presale to diversify their portfolios.

One token with the potential to make 20X gains in 2023 is yPredict (YPRED), an all-in-one AI ecosystem explicitly built for traders, analysts, and developers.

The platform uses AI technology to provide trading signals, conduct fundamental and technical analyses, and identify chart patterns. Given AI’s edge in research compared to humans, this marks a significant advancement for individuals dependent on signals and substantial technical insights in the trading realm.

The token is currently in presale, and the team has already raised over $3.53 million, selling the token for $0.1. The listing price is scheduled to be $0.12, so there is excellent potential in buying now, as the price is still lower.

🚀 The future of crypto predictions is here with yPredict! 🤖 This AI-powered platform has already raised an impressive $3.4M in its presale so far.

💰 With its cutting-edge technology, transparency through blockchain, and community-driven approach, yPredict is setting a new… pic.twitter.com/yPSvwOOAg0

— yPredict.ai (@yPredict_ai) August 14, 2023

Anyone interested can visit the yPredict website here and buy YPRED with MATIC, ETH, USDT, or BNB. Alternatively, you can also buy it via credit or debit card.