- Qtum Price has been falling through a descending parallel channel over the daily chart.
- QTUM crypto has declined below the 20, 50, 100, and 200-day Daily Moving Average.
- The pair of QTUM/BTC is at 0.0001503 BTC with an intraday drop of 0.03%.
The price of the Qtum token has been declining via a parallel downward channel on the daily price chart. The token initially tried to take advantage of the rally’s strength by advancing in the direction of the upper trendline, but it was unsuccessful and it eventually came back to the channel. Buyers are required for the QTUM currency to exit the parallel sinking channel. Once more, the QTUM currency is attempting to break out above the parallel channel’s upper trendline, and QTUM bulls appear to be very focused on doing so. This could be a sign that the QTUM currency is getting ready to leave its channel.
The Qtum token currently has an estimated price of $2.95 and has lost 1.86% of its market value over the last day. The volume of trades decreased by 16.84% during intraday trading. It is clear from this that bears are trying to trap the token in the hands of short sellers. The volume to market cap ratio is 0.1324.
To move over the upper trendline and denote the breakout of the token, the price of the QTUM coin needs support from buyers. However, the volume change is below normal and needs to increase for the QTUM to signal its breakout. In the interim, QTUM bulls must gather themselves to show that the token has crossed the daily price chart.
What do Technical Indicators suggest about QTUM?
Bulls must develop before the QTUM coin enters its recovery phase. Currently, the token is preparing to exit the parallel channel. It will take some time to determine whether the QTUM coin can attract positive support by forecasting a significant increase in buying over the daily chart. Technical indicators demonstrate the strength of the QTUM currency’s surge.
The relative strength index of the QTUM currency shows how quickly it is rising. The RSI for the daily chart is near 38 and is about to signal any directional change. The increasing velocity of the QTUM coin may be seen on MACD. The MACD line rises above the signal line following a negative crossover.
Conclusion
The price of the Qtum token has been declining via a parallel downward channel on the daily price chart. The token initially tried to take advantage of the rally’s strength by advancing in the direction of the upper trendline, but it was unsuccessful and it eventually came back to the channel. Buyers are required for the QTUM currency to exit the parallel sinking channel. Once more, the QTUM currency is attempting to break out above the parallel channel’s upper trendline, and QTUM bulls appear to be very focused on doing so. In the interim, QTUM bulls must gather themselves to show that the token has crossed the daily price chart. Technical indicators demonstrate the strength of the QTUM currency’s surge. The MACD line rises above the signal line following a negative crossover.
Technical Levels
Support Levels: $2.90 and $2.50
Resistance Levels: $3.00 and $3.50
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/09/17/qtum-price-analysis-qtum-declining-through-an-interesting-channel-know-whereabouts/