Back to the list

QTUM Technical Analysis: Price on an Upswing, Hodl for Halving

cryptoknowmics.com 01 December 2021 10:48, UTC
Reading time: ~2 m

Qtum (pronounced ‘“quantum”) is a proof-of-stake (PoS) smart contract open-source blockchain platform and value transfer protocol. It aims to bring together the strengths of Bitcoin and Ethereum in one chain. Qtum is built on Bitcoin's UTXO transaction model, with the added functionality of smart contract execution and DApps. Recently, the platform added support for DeFi applications. As of March 2021, there are more than 20 tokens created on the Qtum blockchain.

Let us see the technical analysis of QTUM.

Past Performance of QTUM

QTUM, the native cryptocurrency of the Quantum network, has moved higher this month ahead of a halving in December that will reduce the coin’s supply.The maximum supply of QTUM is capped at 107.8 million coins, which will be reached in December 2045. There are currently 98.89 million coins in circulation, of a total 103.9 million in supply. The price has been steadily increasing since last week on account of halving. The current price is at $16.288 and has increased around 10 percent since last week. It is easily moving above the moving average level of $15.4709.

Source: https://www.tradingview.com/x/Fw2YBMCb/

QTUM Technical Analysis

The QTUM blockchain will halve for the first time at block 1,427,004, which is expected to be generated around 1 December 2021.

The On-balance Volume is at 11.54 million and is picking up along with the price, though has been relatively flat.

RSI has been also revolving around 55 percent showing the price and volume are going in a decided direction of BUYS.

The MACD line has been converging along the histogram but shows a small upturn which can easily convert into a strong direction in the price increase.

Price Trends for the Day-Ahead and Tomorrow

QTUM is receiving STRONG BUY signals as per oscillators and indicators. QTUM has gained around 5 percent since the start of the month and more than 600 percent since the start of 2021, but remains below its all-time high of $106.88, reached in January 2018. It needs to look at crossing resistance of $18.5476 and $20.0258 to create a sizeable interest.

Back to the list