Qtum price analysis: QTUM rallies to $8.67, correction ahead?

Qtum price analysis QTUM rallies high to correction ahead

TL;DR Breakdown

  • Qtum price analysis is extremely bullish today.
  • The resistance for QTUM/USD is present at $9.03.
  • A correction might be around the corner.

The Qtum price analysis shows the cryptocurrency is in a bullish mood today, as the price has increased today to reach a two-month high after a minor correction yesterday. QTUM is on an upward trend from 14th March as the price pattern shows maintenance of higher highs and healthy corrections in that period. However, the price curve became steepish upward inclined since 20th March, when the coin started its latest rally. It made significant gains in value, with the highest jump observed today, as the price crossed the $7.92 barrier.

QTUM/USD 1-day price chart: QTUM continues to rally higher

The 1-day price chart for Qtum price analysis shows that the bulls continue to cover range upwards after yesterday’s correction. The QTUM price has improved from $7.83 to $8.67 today as the coin is currently trading at the latter value. QTUM reports an increase in price value by more than 13 percent during the last 24 hours, topping the charts for daily gains. It also reports a 48.5 percent increase in price over the past week, as the trend was bullish for the past two weeks. The trading volume has also increased by 29.4 percent, accounting for market dominance of 0.04 percent.

Qtum price analysis: QTUM rallies to $8.67, correction ahead? 1
Qtum/USD 24-hours price chart. Source: Tradingview

The volatility is relatively high for the QTUM/USD pair, and the crypto pair has continued to trade above the uppermost limit of the volatility indicator since 20th March. The upper limit of the Bollinger bands indicates support at $8.19, while the lower limit shows the lowest support at $4.62.

At the end of the trading session, the relative strength index (RSI) entered the overbought region and continues to trade in it with more upwards movement as it has reached index 76. While this is high for RSI, the price remains on an upwards trajectory, indicating solid buying activity in the market.

Qtum price analysis: Recent developments and further technical indications

The 4-hour Qtum price analysis shows the token has turned more volatile as the price has continuously risen for 20 hours. However, following the latest rally, the selling pressure has piled on, with a correction starting in the last four hours. The price has stepped down from $8.83 to the current level of $8.67 currently.

Qtum price analysis: QTUM rallies to $8.67, correction ahead? 2
Qtum/USD 4-hours price chart. Source: Tradingview

As said above, the token has turned more volatile. The Bollinger bands’ volatility indicator continues to expand, with its upper band at $8.64, the mean average at $7.85, and the lower band at $7.05. The price is trading above the upper band, which shows a solid bullish current. The moving average is trading at $8.01, and the RSI is on a downwards curve at index 72 on the 4-hour chart indicating selling pressure.

Qtum price analysis: Conclusion

The Qtum price analysis favors the bulls today as the bullish momentum is quite overwhelming, putting the bears on defense. QTUM/USD is expected to make up more gains today, but the correction may also last longer than four hours if selling pressure remains intact. However, the coin has gained good value and has risen to a two-month high of $8.67.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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