QTUM (QTUM) Plunges, a Rally Is Expected Above $3 Resistance

19 February 2020 | Updated: 19 February 2020

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

QTUM/USD Long-term Trend: Bullish
In its recent bullish move, QTUM reached a high of $3.0 but was resisted. The pair was resisted because it reached the overbought region of the market. Buyers are unavailable in the region to push the coin upward. Instead, we have the presence of sellers who pushed the coin downward.

The coin fell to a low of $2.20 and rebounded. The coin is now trading at $2.68 at the time of writing. On the upside, if the bulls pick up momentum and break the resistance at $3, the coin will rally above $3.50. Nonetheless, if the bulls fail to break the resistance, a sideways move will prevail.

QTUM/USD – Daily Chart

Daily Chart Indicators Reading:
Qtum is below 50% range of the daily stochastic. The stochastic bands are making a U-turn and pointing upward. This indicates that the current bearish momentum is giving way to bullish momentum. The 21-day SMA provides support for the coin while the SMAs are sloping upward indicating the uptrend.

QTUM/USD Medium-term Trend: Bullish
On the 4-hour chart, the bulls were resisted at $3 overhead resistance. The downward move lasted to the low of $2.20 and rebounded. The bulls are pushing upward to retest the overhead resistance. The pair is currently facing minor resistance at $2.69.

QTUM/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The Relative Strength Index period 14 level 53 indicates that the coin is in the uptrend zone. As the coin rebounded and moved up to the high of $2.67, the RSI also rises to level 53. This explains that the coin is in the uptrend zone and will rise. The coin is also above the centerline 50.

General Outlook for Qtum (QTUM)
Qtum is in an upward move to retest the $3.0 overhead resistance. The uptrend has been hindered because of the resistance at $3.0. The pair will be out of the downtrend zone once the overhead resistance is breached. At present, the coin lacks buying power at higher levels.

QTUM Trade Signal
Instrument: QTUM/USD
Order: Buy
Entry price: $2.68
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.