- The short-term is in a bearish trend while the medium-term outlook is in a range-bound market.
- Patience is required during the consolidation phase.
QTUM/USD Medium-term Trend: Ranging
Supply zone: $6.00, $6.50, $7.00
Demand zone: $2.50, $2.00, $1.50
QTUM is in a range-bound market in the medium-term outlook. The large bearish candle at $5.12 that broke the support at the two EMAs toward yesterday session signaled bears takeover of the ranging market. The cryptocurrency dropped to $4.71.
At the opening of today’s session, the bearish momentum was sustained with a further drop of price to $4.68. Although minor correction occurred as the bulls stage a brief comeback with the coin up at $4.95.
Price is below the two EMAs and the signal of the stochastic oscillator points down at 18% in the oversold region which implies downward momentum in price within the range.
QTUMUSD is in consolidation and trading between $5.60 in the upper supply area and at $4.40 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before a position is taken.
QTUM/USD Short-term Trend: Bearish
Qtum is in a downtrend in the short-term outlook. Today’s 1-hour opening candle was bearish engulfing with the opening price at $5.04. Price drops initially to $4.73 and later to $4.68 due to increased bearish momentum.
The 50-EMA and the trendline are strong resistance as price bounces off and keep dropping in the short-term.
With the stochastic oscillator points down at 37% this suggests further downward movement in the short-term.
$4.50 in the demand area is bears initial target as more sellers take positions as the journey down south continues.
Live Qtum (QTUM) Price:
1 QTUM/USD =$2.8454 change ~ 8.50%
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