Qtum (QTUM) May Revisit Support at $1.50, Faces Rejection at $3.0

Qtum (QTUM) May Revisit Support at $1.50, Faces Rejection at $3.0

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

QTUM/USD Long-term Trend: Bearish
QTUM is continuing its downward move since February 14. The coin is falling because it has reached the overbought condition of the market. In the overbought region, sellers will emerge to push the coin downward. Buyers are unavailable to push the coin upward. The coin has fallen to a low of $2.26. At $2.16, the coin is testing a historical price level. On the downside, if the bears breach the support at $2.16, the coin will fall to $1.60 support. On the upside, if the support at $2.16 holds, the market will move up to retest the overhead resistance at $3.0.

QTUM/USD – Daily Chart

Daily Chart Indicators Reading:
QTUM is trading below 20% range of the daily stochastic. It means that it has reached the oversold region of the market. It also means that the coin is in a strong bearish momentum. QTUM will remain in the oversold region until buyers emerge to push the coin upward.

QTUM/USD Medium-term Trend: Bearish
On the 4-hour chart, QTUM is falling in a descending channel. The coin is making a series of lower lows and lower highs. QTUM drops to a low of $2.20. At the low of $2.20, the bulls pulled back to resume an upward move. At the high of $2.70, the coin fell to the low of $2.40 and resumed consolidation. After consolidation, the coin makes a partial upward move and drops to the low of $2.20.

QTUM/USD – 4 Hour Chart

4-hour Chart Indicators Reading
QTUM may further depreciate if the bears break the support line of the descending channel. Meanwhile, the coin is approaching level 36 of the daily Relative Strength Index. The coin is below the centerline 50. QTUM is in the downtrend zone and it is likely to fall.

General Outlook for Qtum (QTUM)
QTUM is falling and reaching the previous low at the bottom of the chart. On the downside, if the price breaks the current support at $2.16, the coin will drop at the low of $1.84. Traders should look out for buy set up at the oversold region of the market.

QTUM Trade Signal
Instrument: QTUM/USD
Order: Buy Limit
Entry price: $1.80
Stop: $1.00
Target: $3.00

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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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.