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- 1 QTUM token reached its target according to the previous QTUM price prediction
- 2 QTUM recorded a surge of 16.58% in the last 24 hours.
QTUM price prediction shows that the bulls may face challenging obstacles while propelling QTUM price toward its next target. As was estimated in the previous analysis, the QTUM token made a positive recovery after making a consolidation rather than taking a decline, seeing a gain of 23% within the last 3 weeks. QTUM’s price attained its first target at $2.500, but will it reach its next target near $3.000?
Technical indicators and price action suggest that QTUM price is presently overvalued. QTUM token is forming a bearish engulfing candle after a consolidation indicating that bears are starting to step into the price action with considerable strength. The probability of a bullish reversal is not high because there is a strong presence of sellers whereas it faces resistance from key EMA levels. It has a total supply of 107,822,406 with 97.1% of the supply circulating in the market.
The current value of the QTUM coin is $2.7 and it has a market capitalization of $244.57 Million.
Fall in Bullish Sentiments, Raise In Trading Volume
The total bullish sentiment rate fell by 37.5% though there is a 19.5% increase in the 24-hour trading volume.
The rise in trading volume implies that QTUM is being traded actively between the buyers and the sellers with a noticeable rise in the trading activity within the past few days.
QTUM Price Prediction: QTUM Price Technical Analysis
The RSI line is attempting to take support from the 14 SMA below the median line. The present RSI value is 49.73 points and the 14 SMA is trading below it at around 45.24 points.
The stochastic RSI is returning to the demand zone on the daily chart. The current value of the %K line is 72.95 points, it may give a bearish interception to the median line around 50 points.
Conclusion
From previous analyses, it can be estimated that the price of QTUM is being overwhelmed by the sellers. Technical indicators and price action suggest that QTUM price is presently overvalued in the supply zone which can create a negative impact on the price.
Technical levels –
Support –$2.000
Resistance – $3.000 and $3.500
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
