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Cryptoknowmics 2022-07-14 15:41:42

QTUM Technical Analysis: Downtrend Continues With Lower Ranges

QTUM price action shows growing bearishness within the consolidation range, teasing a potential price drop under the $2.60 mark. Key technical points: QTUM prices have decreased by 1.47% in the last 24 hours. The price action shows a consolidation range between $2.60 and $3.16. The 24-hour trading volume of QTUM is $59 Million, indicating a rise of 27%. Past Performance of QTUM The QTUM price action Shows an increase of bullish influence over the consolidation range between $2.60 and $3.16 in the daily chart. It is evident by the formation of a double top pattern within the accumulation range, with the neckline coinciding at the bottom support of $2.60. However, the buyers could cushion the downfall and avoid the $2.60 fallout leading to a lateral trend. Source- Tradingview QTUM Technical Analysis The QTUM price action shows a lower price rejection candle avoiding a downfall below the $2.60 support level. Hence the price action promotes the idea of a further lateral trend within the range. The MACD indicator shows an increase in selling pressure as the fast and slow lines prepare for a bearish crossover. Therefore the likelihood of a downtrend continuation increases, which may promote further selling. The RSI indicator shows a lateral trend in the nearly oversold zone, failing to sustain above the 14-day SMA and approaching the overall boundary. Hence the technical indicator shows a weakness in the underlying bullishness. In a...

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