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Vikram
Aug 17, 2022
by Vikram

QTUM Technical Analysis: Trapped Momentum To Decide Upcoming Trend

QTUM Technical Analysis

Table of contents

  1. QTUM Technical Analysis
  2. Upcoming Trend
The QTUM price action shows a lateral trend ready to form a bullish pattern with the potential to drive the uptrend to the $6 mark.

Key Technical Points:

  • The Quantum token price action teases an inverted head and shoulder pattern in the daily chart.

  • The bullish breakout rally can reach the overhead resistance at the $6 mark.

  • With a market cap of $428 million, the intraday trading volume of Quantum has increased by 12.80% to reach $50.71 million.

    • Past Performance of QTUM

    The QTUM prices jumped from $2.45 to the supply zone at $4.7 in July, resulting in a price jump of 91%. However, the increased selling at the horizontal zone led to a reversal after a few higher price rejection candles. Currently, the reversal rally cools off into a lateral trend with a drop in the intraday trading volume.

    QTUM/USDT Chart

    Source - Tradingview

    QTUM Technical Analysis

    The QTUM price action forms an inverted head and shoulder pattern in the bigger picture with a neckline at the $4.7 mark. Hence, the traders expecting a bullish breakout rally must wait for a rise in market price to break above the neckline. Despite the bullish failure to reach the 200-day SMA, the 50 and 100-day SMA prepare a bullish crossover.

    The daily RSI slope maintains a downtrend reaching the halfway line reflecting a drop in the underlying bullish prowess. Moreover, the MACD indicator shows a declining trend in the fast and slow lines with a rising trend in the negative histograms.

    In a nutshell, the QTUM Technical Analysis suggests that traders should wait for a price action confirmation. It is due to the technical indicators opposing the views of price action analysis.

    Upcoming Trend

    The lateral trend in the QTUM prices displays a bearish influence due to the higher price rejection candles teasing a downtrend continuation. However, traders should wait for price action confirmation to provide an extra edge.

    The $4.7 breakout can take the prices higher to the $6 mark, but a downtrend continuation will drop them to the $3.5 mark.

    Resistance Levels: $4.7 and $5.5

    Support Levels: $3.5 and $2.5

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    Qtum Quantum QTUM technical analysis
    QTUM Technical Analysis: Trapped Momentum To Decide Upcoming Trend
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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