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Cryptoknowmics 2022-08-17 09:30:20

QTUM Technical Analysis: Trapped Momentum To Decide Upcoming Trend

The QTUM price action shows a lateral trend ready to form a bullish pattern with the potential to drive the uptrend to the $6 mark. Key Technical Points: The Quantum token price action teases an inverted head and shoulder pattern in the daily chart. The bullish breakout rally can reach the overhead resistance at the $6 mark. With a market cap of $428 million, the intraday trading volume of Quantum has increased by 12.80% to reach $50.71 million. Past Performance of QTUM The QTUM prices jumped from $2.45 to the supply zone at $4.7 in July, resulting in a price jump of 91%. However, the increased selling at the horizontal zone led to a reversal after a few higher price rejection candles. Currently, the reversal rally cools off into a lateral trend with a drop in the intraday trading volume. Source – Tradingview QTUM Technical Analysis The QTUM price action forms an inverted head and shoulder pattern in the bigger picture with a neckline at the $4.7 mark. Hence, the traders expecting a bullish breakout rally must wait for a rise in market price to break above the neckline. Despite the bullish failure to reach the 200-day SMA, the 50 and 100-day SMA prepare a bullish crossover. The daily RSI slope maintains a downtrend reaching the halfway line reflecting a drop in the underlying bullish prowess. Moreover, the MACD indicator shows a declining trend in the fast and slow lines with a rising trend in the negative histograms. In a nut...

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