- The bulls are in control of the short and medium-term outlook.
- Traders may consider buying at pullback areas.
QTUM/USD Medium-term Trend: Bullish
Supply zone: $4.00, $4.50, $5.00
Demand zone: $2.50, $2.00, $1.50
QTUM is in a bullish trend in the medium-term outlook. Yesterday session had the rally sustained with a lager bullish candle with the cryptocurrency price up at $3.16 in the supply area with $2.98 as the opening price. The key supply area at $3.20 was the point of rejection as the bears returned and pushed the coin to $3.05, the low of the day.
The bears briefly held on as market opens today at $3.07 with a further drop in the coin to $2.93 in the demand area before it lost momentum. Price is back up at $3.16 with the breakout at the 10-EMA.
The bullish momentum may be sustained in the medium-term with the target at the key supply area of $3.20 after the break of the resistance at the 50-EMA. A possible breakout to continue the upward momentum may occur.
QTUM/USD Short-term Trend: Bullish
QTUM is in an uptrend in the short-term outlook. The cryptocurrency is in an ascending channel. The bears had a good run during yesterday session at $3.16 in the supply area shortly after the bulls lost stem.
Increased bearish momentum pushed the coin to $3.05 in the demand area as the low of the day and continued as today session opened to $2.94 at the lower line of the channel before it lost momentum.
The bulls are back in the control as confirmed by the engulfing candle at $2.97 at the lower line of the channel.
Price is up at $3.07 with above the two EMAs while the stochastic oscillator signal points up at 51% an indication of upward momentum in price in the short-term.
The upper line of the channel is the bulls target at $326 in the supply area in the shirt-term.
Live Qtum (QTUM) Price:
1 QTUM/USD =$2.6337 change ~ -4.51%
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