According to the Quantum technical analysis, QTUM prices rebound from the $3.16 support level, displaying a successful retest. But will the bullish reversal exceed $3.6?
Key Technical Points:
The QTUM prices jumped by 1.91% in the last 24 hours.
The retracement rally from $3.6 retests the $3.16 support level.
The 24-hour trading volume of Quantum is $155 million, indicating a gain of 157%.
Past Performance of QTUM
As warned in our previous article, the QTUM prices failed to exceed the $3.6 threshold leading to a retracement rally, retesting the $3.16 support level. The higher price rejection candles reflect an increased supply inflow at $3.6, but the rebound rally from $3.16 might undermine the sellers. It is because the evening star pattern at $3.6 will be nullified if the prices regain the $3.6 value. Source – Tradingview
QTUM Technical Analysis
The increased trading volume after the range breakout increases the volatility in QTUM prices. Hence, traders hoping to ride a bullish trend with the $3.6 conquest should expect a few volatile corrections along the way. As the market value sustains above the 50-day SMA, the price trend takes the 100-day SMA as the next bearish hurdle to cross. However, the multiple resistance before the 100-day SMA increases the uptrend difficulty. The sideways trend in the daily-RSI slope within the nearly overbought zone prepares to approach the 70% boundary. Moreover, the rising trend in the 14-day SMA displays a solid underlying bullishness. The MACD and signal lines continue to increase spread after crossing above the zero line. Moreover, the bullish histograms sustain high intensity reflecting a stable demand flow keeping the price buoyant above $3.16. In a nutshell, the technical analysis keeps an optimistic viewpoint despite the higher price rejection in QTUM prices.
If the QTUM explodes above the $3.6 resistance level, an uptrend continuation will likely appreciate the market value by 18% to reach the $4.28 mark. Conversely, a bullish failure to cross the $3.6 level can lead to a consolidation range between $3.16 and $3.6. Resistance Levels: $3.6 and $4 Support Levels: $3.16 and $3