QTUM Technical Analysis: From Riches To Rags
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Yes, the QTUM price successfully stopped at the important level of $5.2. In the weekly timeframe, we see that this level was initially a problem for buyers in the period from July 2019 to February 2021. It was the breakdown of this mark that provoked a new wave of QTUM price growth by $570. Now the $5.2 mark is the main base of buyers' support, which sellers are trying to take control of for the second time.
If during the first attempt in May 2021 we saw an aggressive rebound of the price from the $5.2 mark and increased trading volumes, now the situation is radically different. It is worth starting with the fact that the whole fall wave from November 2021 was accompanied by low volumes. The lower the price was, the lower the trading volumes were. The current local rebound of the QTUM price does not inspire hope for a new growth wave.
In addition, sellers have managed to break the global trend line of buyers while the price is trading below it. The first probable target of buyers is a mark of $8-$8.2. However, the test of this mark will not mean that the market situation has changed. From this mark, the fall wave of the QTUM price may continue.
Technical Analysis Of QTUM On The Daily Timeframe
Reducing the scale of the chart, you can see that the slowdown of the QTUM price fall began after the price faced the range of $8-$8.2. The aggressively sharp fall turned into a shallower one. And from 22 January, buyers are forming a consolidation accumulation to begin the rebound. The 2nd February candle, which closed with a pin up at high volumes, tells us that there are many sellers left in the QTUM market. Therefore, we cannot expect that this QTUM will be one of the first to shoot up. The local critical point that stops the QTUM price from testing the $8-$8.2 range is the $7 mark. By taking it under control, buyers will be able to raise prices much more aggressively.
The QTUMBTC Price Is In The Last Liquidity Zone
Analyzing the QTUMBTC price chart, we can see that the trading volumes in the period from December 2021 to February 2022 are the lowest in the history of this cryptocurrency. The QTUMBTC price stopped at an important liquidity level, which almost always jumped up. Therefore, the probability of a rebound of the QTUMBTC price by 60% is still real. But from the global perspective, such a wave of growth will be within the framework of global consolidation, which has been on the market for six months. Therefore, this mark is the main target of buyers for the next few months.