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Cryptoknowmics 2022-06-09 11:52:50

QTUM Technical Analysis: Trapped Momentum Eyes 15% Jump

The sideways trend in QTUM price continues between $3.60 and $4.28 as the buyers struggle to avoid a downtrend continuation to the $3 mark. Key technical points: The market prices slightly fall by 0.93% over the past 24 hours. The accumulation phase continues to grow longer. The 24-hour trading volume of QTUM is $58.82 Million, indicating a fall of 18%. Past Performance of QTUM QTUM token lost 60% of its market value during the bear market in April and early May after facing rejection of the 200-day EMA. The downfall takes support at the $3.60 mark, which cushions the bearish phase and leads it into a consolidation phase. Currently, the consolidation range grows and lasts for a month with no signs of bullish recovery. Source- Tradingview QTUM Technical Analysis QTUM price trend faces a lack of bullish commitment as the falling trend in trading volume keeps it trapped within the consolidation range. Hence, traders can keep an eye out for any abnormality in the trading volume to support their entry on either side. The crucial daily EMAs – 50, 100, and 200-days maintain a bearish alignment, signaling the long-term correction phase. And, the bullish breakout of the triangle will have to overpower the selling pressure at the EMAs for uptrend continuation. The MACD and signal lines showcase a bullish rally continuing the approach to reach the zero line. However, the lack of intensity in the bullish histograms warns of the possibilit...

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