Qtum is a decentralized governance protocol based on PoS blockchain technology. It allows modification of specific blockchain settings using smart contracts. Block sizes can be changed using both hard-forks and soft-forks. QTUM is the native token of this ecosystem. The following QTUM technical analysis forecasts performance for the next two days.
On March 31, 2021, QTUM started trading at $8.84. As of April 5, 2021, the closing price of QTUM was $15.25. Thus, in the past week, the QTUM price has risen by roughly 72%. In the last 24 hours, QTUM has traded between $12.20-$17.98.
Day-Ahead and tomorrow
Currently, QTUM is trading at $17.68. The price has increased from the opening price of $15.25. Thus, the market looks positive.
The MACD and signal lines are positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. We can expect the price to rise further.
The A/D indicator is rising too. Thus, whale accumulations are higher than whale distributions. The bulls are strong and hence we can expect the price to go up further.
Currently, the RSI indicator is at 65%. It has just fallen from the ‘overbought’ region. Thus, buying pressures are still high. It is a good time for swing traders to go short. Hence, we can expect the price to continue rising.
QTUM Technical Analysis
As per technical analysis, the price has broken out of the first Fibonacci pivot resistance level of $17.35. We can expect the price to break out of the subsequent resistance levels of $18.71 and $20.92, respectively.
The price has tested and broken out of the 38.2% FIB retracement level of $15.77. The price is soon expected to test and break out of the 23.6% FIB retracement level of $16.61. Thus, the bulls are strong, and we can expect the price uptrend to continue tomorrow as well.