QTUM Technical Analysis: Can A Post-Retest Reversal Exceed $3.6?
Table of contents
Key Technical Points:
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.
Upcoming Trend
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