- QTUM/USD market's bears have pushed price down to trade around its 50-day SMA indicator.
- The QTUM/USD market's bulls have not shown a reliable signal to make a quick upswing.
QTUM/USD Long-term Trend – Bearish
- Distribution territories: $6, $7, $8
- Accumulation territories: $2.50, $2, $1.50
QTUM market valuation has been overwhelmed by the US dollar after being unable to move ahead in the trade from the buy signal side of the smaller SMA indicator this week. The crypto’s market value has gone down below the 14-day SMA to trade a bit below the 50-day SMA.
Price now appears eyeing a near low point at $3. The Stochastic Oscillators have slightly penetrated into the oversold zone. They look like closing the hairs soon around range 20.
The QTUM/USD bears may eventually get a push in the market to locate a position entry around the $3 mark so that the bulls have a good opportunity to launch a rebound at a later time. However, the bears’ strength to the downside has been getting weak. But, then, the bulls have not shown a reliable signal to make a quick upswing. In addition, price is also likely to consolidate around $4 mark in the next trading sessions.
Qtum:
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
