QTUM Technical Analysis: Downtrend Continues With Lower Ranges 

Key technical points: 

Past Performance of QTUM

The QTUM price action Shows an increase of bullish influence over the consolidation range between $2.60 and $3.16 in the daily chart. It is evident by the formation of a double top pattern within the accumulation range, with the neckline coinciding at the bottom support of $2.60. However, the buyers could cushion the downfall and avoid the $2.60 fallout leading to a lateral trend.

Source- Tradingview

QTUM Technical Analysis 

The QTUM price action shows a lower price rejection candle avoiding a downfall below the $2.60 support level. Hence the price action promotes the idea of a further lateral trend within the range.

The MACD indicator shows an increase in selling pressure as the fast and slow lines prepare for a bearish crossover. Therefore the likelihood of a downtrend continuation increases, which may promote further selling.

The RSI indicator shows a lateral trend in the nearly oversold zone, failing to sustain above the 14-day SMA and approaching the overall boundary. Hence the technical indicator shows a weakness in the underlying bullishness.

In a nutshell, QTUM technical analysis displays a high likelihood of a bearish breakout but suggests that traders wait for a price action confirmation.

Upcoming Trend

If the Buyers at $2.60 fail to override the bearish attempt, a downfall might test the crucial psychological support level of $2. Conversely, with a sideways continuation within the range, traders can expect the prices to reach the overhead resistance of $3.16.

Resistance Levels: $3 and $3.16

Support Levels: $2.50 and $25