QTUM Technical Analysis: Will This Range Breakout Cross $4?
Table of contents
Key Technical Points:
Past Performance of QTUM
As mentioned in our previous analysis, the reversal from $2.59 breaking the 50-day SMA was the best time to buy QTUM. The daily technical chart shows the prices display a successful post-retest reversal from the 50-day SMA resulting in a 13% jump in the last 48 hours. In addition, the bullish reversal from the $2.59 support level accounts for a price jump of 44% in the previous two weeks.
Source - Tradingview
QTUM Technical Analysis
The QTUM daily candle showcases a 5.5 % growth acting as the follow-through candle of the morning star pattern formed at the 50-day SMA. Hence, traders can expect the bullish trend to surpass the $3.6 resistance level and reach $4.
The RSI and MACD indicators display an increase in buying pressure and maintain an optimistic outlook for the upcoming trend.
The RSI line reverses to 50% to sustain in the nearly overbought zone and reaches the 70% boundary. Additionally, the MACD and signal lines maintain an uptrend in a bullish alignment above the zero line.
Hence, the momentum indicators and the price action analysis go hand-in-hand and give an overall bullish vibe.
In a nutshell, the QTUM technical analysis forecasts a high likelihood of an uptrend continuation to the $4 mark.
Upcoming Trend
If the bull run continues above the 50-day SMA, the QTUM prices will skyrocket to the $4 mark this weekend. However, the reversal from $3.60 will result in a dip to the bottom support at $3.
Resistance Levels: $3.60 and $4
Support Levels: $3 and $2.60
