Emerging trends in urban mobility have accelerated the need for effective traffic prediction and management systems. The present paper proposes a novel approach to using continuously streaming moving object trajectories for traffic prediction and management. The approach continuously performs three functions for streams of moving object positions in road networks: 1) management of current evolving trajectories, 2) incremental mining of closed frequent routes, and 3) prediction of near-future locations and densities based on 1) and 2). The approach is empirically evaluated on a large real-world data set of moving object trajectories, originating from a fleet of taxis, illustrating that detailed closed frequent routes can be efficiently discovered and used for prediction.