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Prophecy (PRY) Price Analysis: Will PRY Reach Above $0.10 in 2021?

Prophecy (PRY) Price Analysis
  • PRY rose from $0.014 on Jan 14, 2021, to an all-time high of $0.094 on March 01.
  • With the above, the crypto can rally its price even further to over $0.10 from its current trading position.
  • More and more investors are being drawn to PRY.

This Prophecy (PRY) price analysis 2021 article is based on technical analysis alone. Below, you will see the key metrics that we have taken into consideration upon coming up with our PRY  price analysis and prediction.

To be sure, Prophecy is a new crypto, for many. However, it has shown some upward trajectory in price, especially this March 2021. The platform continues to grow, and PRY value is set to increase in the future. In fact, the asset has been trading bullish as of late. In this PRY technical analysis, we see whether it’s likely to advance beyond $0.10 upon breaking its resistance levels.

PRY token entered 2021 with an uptrend position. The currency rose from $0.014 on Jan 14 to $0.094 on March 01. $0.094 also happens to be PRY token’s all-time high (ATH).

At the time of writing, PRY is changing hands at $0.055. The price has a 30-day increase of 145.6%. In terms of market position, PRY’s market capitalization currently amounts to $4.55 million.

PRY Price Prediction
Source: Coingceko

What has been driving PRY’s scarcity? The short answer is, the platform hosts constant and regular token burns, proportional to the amount of token activity. Those who choose to stake PRY will also earn both PRY and ETH — an incentive for engagement within the ecosystem.

With the above, the crypto can rally its price even further to over $0.10 from its current trading position. Some wonder if PRY is a profitable investment based on its price forecast. To know this, let’s read the charts later on in this article for more information. But first, let us get acquainted with the Prophecy project.

What Is Prophecy All About?

Prophecy was launched in late 2020 by an anonymous team. They developed the Prophecy utility (PRY), which is the native currency of the platform and allows users to participate in the ecosystem.

Prophecy’s technology is built around a novel consensus mechanism known as Proof-of-Committed Decay (PoCD). The technological infrastructure essentially stimulates the Prophecy economy to remain as liquid as possible. Additionally, it ensures that the supply of PRY tokens is closely balanced to demand and prevent loss of purchasing power.

Prophecy has created community pools known as Prophet Pools. What makes Prophet Pools outstanding is that they overcome the current staking issues whereby a small minority wins or oftentimes just one person within a pool. Prophet Pools take a novel approach to rapid staking and rapid yield pools.

By default, around 60–90% of entrants into a Prophet Pool will win back more than the input. It has become an appealing idea to investors across the globe. Thus, this is one of the noblest systems in the cryptocurrency industry.

Now that we are done with the fundamentals, let us go to the PRY technical analysis.

PRY Technical Analysis

PRY Technical Analysis
PRY 1-week chart (source: Uniswap)

Even though the token dropped from its ATH of $0.094 that was set on March 1, it still shows an upward trend in price. It’s striving to stay above its all-time low price of $0.014. The above chart shows the impressive performance of PRY in the last few days. Also, we can see the price boost of PRY from the start of March.

Despite a dip, PRY is showing a bullish trend. However, if the trend continues, PRY will run along with the bulls, overtaking its resistance level and climb higher to more than $0.10.

If the bullish trend continues, the PRY can surge over its ATH price of $0.94. In contrast, if the investors turn against the cryptocurrency, the bears might take over.

PRY 1-Day Chart Showing Downtrend Is Highly Possible

Prophecy (PRY)  Price Analysis
PRY 30-day EMA, 50-day SMA, 20-day BB (source: TradingView)

The PRYWETH chart reveals that the price has been consolidating from mid-January until the end of February. However, as it approached March, the price shot upward to $0.000054.

On the other hand, PRY is currently testing its long-time support to see if it will hold. If it does, there’s a good chance that PRY will begin an upward trend. However, chances are bleak at the moment.

One consolation is that PRY is still trading above the moving averages. Also, the Bollinger Bands show that PRY is currently having a wild price swing.

PRY token is available on Uniswap and is worth watching as Prophet continues to develop ideas. The token could be very popular in the coming months and years, a state favored by the investors. However, if the investors turn against the crypto, the price of the crypto might plummet.

However, PRY is not indicating any major price reversal. As a result, traders can still continue trading with confidence. Based on the indicator, PRY has the potential to skyrocket.

PRY Price Prediction 2021

On the other hand, the above chart is only between the Prophecy token and the Wrapped Ether pair. When looking at the price movement in general, we can see that PRY is showing trend that is expected to continue in the coming months.

The price of 1 PRY can roughly be up to $0.10 in a year’s time.

Earlier, the article spoke about Prophet Pools. PRY token is the only token that is used on Prophet Pools. Going ahead, Profit pools can become the next big trend in DeFi.

The DeFi market is still open to good projects that create advantages for their users. As such, Prophecy offers new kinds of developments and opportunities for DeFi users. Prophecy has already begun developing its own line of DeFi products centered around the PRY unit. This certainly offers new ideas on DeFi and exclusive rewards for both investors and developers.

With the above advantages, the PRY price in 2022 could be 2 times higher than the current Prophecy price. As a result, investors around the world should be curious about the token and its bullish performance, sooner or later.

Conclusion

PRY is a token that has become appealing to investors of all sizes. The current Coingecko ranking is #1,034. The circulating supply is 80,945,017 at a max supply of 200,000,000 PRY.

Prophecy uses a number of clever systems to protect the purchasing power of PRY units over time. Prophecy’s burning model aims to accomplish two things. It makes the PRY token deflationary in response to both chronic and transactional triggers and also stimulates the movement of money rather than long-term holding.

In summary, our bullish PRY price prediction 2021 is up to $0.10. In contrast, our bearish PRY price prediction 2021 is $0.04.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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