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Cryptoknowmics 2022-07-26 07:00:46

QTUM Technical Analysis: Can A Post-Retest Reversal Exceed $3.6?

According to the Quantum technical analysis, QTUM prices rebound from the $3.16 support level, displaying a successful retest. But will the bullish reversal exceed $3.6? Key Technical Points: The QTUM prices jumped by 1.91% in the last 24 hours. The retracement rally from $3.6 retests the $3.16 support level. The 24-hour trading volume of Quantum is $155 million, indicating a gain of 157%. Past Performance of QTUM As warned in our previous article, the QTUM prices failed to exceed the $3.6 threshold leading to a retracement rally, retesting the $3.16 support level. The higher price rejection candles reflect an increased supply inflow at $3.6, but the rebound rally from $3.16 might undermine the sellers. It is because the evening star pattern at $3.6 will be nullified if the prices regain the $3.6 value. Source – Tradingview QTUM Technical Analysis The increased trading volume after the range breakout increases the volatility in QTUM prices. Hence, traders hoping to ride a bullish trend with the $3.6 conquest should expect a few volatile corrections along the way. As the market value sustains above the 50-day SMA, the price trend takes the 100-day SMA as the next bearish hurdle to cross. However, the multiple resistance before the 100-day SMA increases the uptrend difficulty. The sideways trend in the daily-RSI slope within the nearly overbought zone prepares to approach the 70% boundary. Moreover, the rising trend in the 14-da...

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