QTUM Technical Analysis: Will QTUM Beat Sellers At $3 To Jump 15%?

Key technical points: 

Past Performance of QTUM

The QTUM price sustained above $2.60 to weaken the bearish momentum, forming a consolidation range between $2.60 and $3.16. Moreover, the increased bullish influence of the recovering market results in the formation of a double bottom pattern. The overhead resistance of the consolidation range at $3.16 acts as the neckline of the double bottom pattern.

Source- Tradingview

QTUM Technical Analysis 

The QTUM price action shows a higher price election in the daily candle from $3.16, displaying an attempt to undermine the bullish breakout. Hence, traders hoping to write the breakout rally must wait for the price action confirmation to avoid a reversal trap. The MACD indicator shows a drastic increase in the fast and slow lines after beginning the bullish alignment and preparing to enter the positive territory. Moreover, the increasing intensity of the positive histograms reflects an increase in the buying pressure.

The RSI indicator shows a drastic bullish divergence in the double bottom pattern, increasing the likelihood of a bullish breakout. Moreover, the RSI slope sustains the 14-day average line and prepares to cross about the halfway line. In a nutshell, the QTUM price action analysis finds the support of the technical indicators, which forecast the high possibility of a bullish breakout.

Upcoming Trend 

If the QTUM prices sustain above the $3.16 mark, the buying pressure will drive the breakout rally higher to the $3.50 mark. On the contrary, if the prices reverse from the $3.16 level, a downfall will potentially return to the $2.60 support level.

Resistance Levels: $3.16 and $3.50

Support Levels: $3 and $2.60