QTUM is trading at $2.36. The price is down 5.35% in the last 24H. The 24H trading volume saw a jump of 11.40%. The Total Market Cap is $246,785,532.
- QTUM/USDT surged 10.98% in One week.
- QTUM/USDT recorded a Year-To-Date Performance of 28.25%.
QTUM has been struggling with falling prices since February. On the 21st Feb, the market witnessed a formation of an inverse hammer with a big tail. This resembles a major rejection from the resistance level of $3.76. The selling pressure added with time and forced the asset to lose almost 50% in the last few months.
QTUM Bounced from its lows.
The Daily charts show how the buyers struggled for the last few months. The prices kept following and breaking down major support levels. QTUM finally managed to recover almost 25% from swing low. The bounce came from a very important support level of $1.854. The price also closed above 9 and 15 EMA .
The recovery pushed the prices to the daily resistance of $2.44 and the market is getting some rejection here. This resistance is very important for the bulls as a rejection from here can lead to a fall of almost 20% to the lows. A successful breakout can increase the probability of the prices reaching $3.78.
The 4h Chart represents a minor consolidation
On the 4H, QTUM flipped bullish in the short-term . The prices are consolidating near the resistance. The more time spent here, the higher are the chances of a breakout. The momentum is declining after a moderate recovery. The price is trying to take support from the 200 EMA.
The buyers are trying hard to prevent the prices from falling. It’s important to keep in mind that the prices are still below the daily 200 EMA. Investors are expected to follow strict risk management and strategize a plan to make the best of the volatility. QTUM has shown promise with the recent recovery and the Bulls hope for further upside.
RSI:
The RSI indicator is currently at 44.48 on the 4H. This indicates bearish to sideways momentum.
MACD:
The MACD indicator has made a bearish crossover but the indicator is above 0.
The market will stay more biased towards the bullish side as long as the indicator is above the 0 line.
200 EMA:
As observed, on the 4hr, the price is trading close to the 200 EMA(exponential moving average) . It means the price is getting consolidated and it is wise to wait for the prices to move away in order to establish a trend.
Technical levels
Support Levels: $2.03 – Support 1
$1.85 – Support 2
Current Price: $2.36
Resistance Levels: $2.44 – Resistance 1
$3.05 – Resistance 2
Conclusion:
QTUM has been bearish for a while. A strong recovery from the lows is reviving the hopes for a reversal. Buyers are eager to break the closest resistance and push the prices higher. Overall trend remains bearish to sideways as long as it stays below the 200 EMA. The market is volatile at present and investors with less risk appetite should either stay away or follow a good risk management strategy to make the most out of the situation.
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
