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Cryptoknowmics 2022-07-23 07:18:09

QTUM Technical Analysis: Will This Range Breakout Cross $4?

The Quantum (QTUM) prices escape the consolidation range and beat the 50-day SMA, teasing an uptrend continuation to the $4 mark. Key Technical Points: The QTUM prices jumped by 5.58% today at press time. The market value of Quantum breaks above the 50-day SMA. The 24-hour trading volume of Quantum is $120 Million, indicating a hike of 10%. 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 gi...

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