Qtum (QTUM) in Upward Move; Will the Bulls Sustain the Momentum


Key Resistance Zones: $3.0, $3.50, $4.0
Key Support Zones: $2.50, $2.0, $1.50

QTUM/USD Long-term Trend: Bullish
QTUM has been on a downward move since February 15. The selling pressure has been exhausted on February 20 as price consolidates above $2.42. The market is making an upward move above the current support. On the upside, if the upward move is sustained the bulls will retest the $3.0 overhead resistance. The overhead resistance has not been broken since August 2019. QTUM will reach a high of $3.50 if the bulls are successful above the overhead resistance.

QTUM/USD – Daily Chart

Daily Chart Indicators Reading:
QTUM has fallen and the selling pressure exhausted. In the same vein, the coin was in the overbought region previously but has fallen to level 52 of daily RSI. This indicates that the coin is in the uptrend zone. QTUM tends to rise.

QTUM/USD Medium-term Trend: Bullish
On the 4-hour chart, the first bearish impulse reached a low of $2.20. The bulls pulled back to resume an upward move. The uptrend was resisted as the price fell back to $2.27 low. The coin is consolidating at the current support.

QTUM/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The pair is now above 60% range of the daily stochastic. This indicates that the coin is in bullish momentum. From the price action, the coin is rising to revisit the previous highs.

General Outlook for Qtum (QTUM)
QTUM downward move is over as price consolidates above the current support. The upward move is likely as the price is above the 21-day SMA and the 50-day SMA. The stochastic and the Relative Strength Index have made positive moves for the coin

QTUM Trade Signal
Instrument: QTUM/USD
Order: Buy
Entry price: $2.48
Stop: $2.0
Target: $3.50

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.