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QTUM Technical Analysis: Price Likely to Surpass the Resistance Levels of $12.05 and $12.32

Analytics

cryptoknowmics.com 26 May 2021 09:12, UTC
  
Reading time: ~2 m

Qtum is a PoS-based public blockchain network. It uses a Decentralized Governance Protocol (DGP) to change specific blockchain settings with the help of smart contracts. It also provides a robust Dapp platform that allows users to develop and deploy novel and innovative applications to the network. QTUM is the prime governance token of this network. The following QTUM technical analysis will predict the price trends for the next two days:

Past Performance

On May 19, 2021, QTUM opened at $18.11. On May 25, 2021, QTUM closed at $11.60. Thus, in the past week, the QTUM price has decreased by roughly 36%. In the last 24 hours, QTUM has traded between $11.28-$11.98.

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Day-Ahead and Tomorrow

Currently, QTUM is trading at $11.80. The price has increased from the day’s opening price of $11.60. Thus, the market seems to be bullish.

The MACD and signal lines have just turned positive. Thus, the overall market momentum has turned bullish. However, a bearish crossover by the MACD line over the signal line has occurred. Hence, we can expect a price pullback amidst a rising price trend.

Currently, the RSI indicator is at 54%. It faced rejection at 46% and rose to the current level. Thus, buying pressures are gradually mounting. High buying activity will exert upward pressure on the price.

Besides, the OBV indicator has started rising steadily. Hence, buying volumes are slowly overtaking the selling volumes in the QTUM market. Thus, like the MACD and RSI oscillators, the OBV indicator has also given positive signals. Therefore, the overall market momentum is bullish, and the price is poised to increase further. However, intermittent price pullbacks cannot be ruled out.

QTUM Technical Analysis

Currently, the price is above the Fibonacci pivot point of $11.62. It may soon break out of the first Fibonacci pivot resistance level of $11.88. If the bulls remain strong till day end, then the price is likely to surpass the subsequent resistance levels of $12.05 and $12.32, respectively.

Presently, the price has tested and broken out of the 23.6% FIB retracement level of $11.81. It may soon breach the 23.6% FIB extension level of $12.14 as well. Thus, the bullish forces are strong, and we can expect the price upswing to continue today as well as tomorrow.


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