Qtum price analysis: QTUM rallies high to $8.67, correction ahead?

TL;DR Breakdown

• Qtum price analysis is highly bullish today.
• The resistance for QTUM/USD is present at $9.03.
• A correction might be awaiting to loom in the coming hours.

The Qtum price analysis shows the cryptocurrency is in bullish mode today, as the price has increased today to two months high after a minor correction of yesterday. QTUM is on the upward trend from 14th March as the QTUM price pattern shows sustainment of higher highs along with reasonable corrections over time. But the price curve has been becoming largely upward steepish from 20th March, when the coin started rallying high, gaining significant amounts of value with the highest jump observed today as the rice crossed above the $7.92 barrier.

QTUM/USD 1-day price chart: QTUM continues to rally higher

The 1-day price chart for Qtum price analysis shows that the bulls continue to cover range upwards after yesterday’s correction. The QTUM price has improved from $7.83 to $8.67 today as the coin is trading at the later value currently. QTUM reports an increase in price value by more than 13 percent during the last 24 hours, topping the charts for daily gains, and it also reports an increase in price value by 48.5 percent over the past week, as the trend was bullish for the past two weeks. The trading volume has also increased by 29.4 percent, providing a market dominance of 0.04 percent.

The volatility is quite high for the QTUM/USD pair, and the crypto pair has continued to trade above the uppermost limit of the volatility indicator since 20th March, and the upper limit is indicating support for its price at $8.19. The Lower limit of the Bollinger bands shows the lowest support at $4.62.

The relative strength index (RSI) entered the overbought region yesterday, at the end of the trading session, and continues to trade in it with more upwards movement as it has reached index 76. Quite high for RSI but still on an upwards curve, indicating strong buying activity in the market.

Qtum price analysis: Recent developments and further technical indications

The 4-hour Qtum price analysis shows the token has turned more volatile as the price has been on the rise continuously for 20 hours, but the selling pressure has built after the bulls rally, and a correction has started during the last four hours. The price has stepped down from $8.83 to the current level of $8.67 currently.

As said above, the token has turned more volatile, the volatility indicator, the Bollinger bands, has expanded more with its upper band at $8.64, and the mean average of the Bollinger bands at $7.85, while the lower band is trading at $7.05. The price is trading above the upper band, which shows a strong bullish current. The moving average is trading at $8.01, and the RSI is on a downwards curve at index 72 on the 4-hour chart indicating selling pressure.

Qtum price analysis: Conclusion

The Qtum price analysis is in favor of bulls today as the bullish momentum is quite overwhelming, putting the bears on defense. The QTUM/USD is expected to cover more upwards range today, but the correction can also last longer than four hours if selling pressure remains intact, but overall, the coin has gained good value and has risen to a two months high level of $8.67.

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