QTUM Technical Analysis: Local Target of Buyers Is $11.6-$12.6

Peter  |  Aug 7, 2021

TradingView Chart Snapshot

Today we decided to analyze and give our forecast for cryptocurrency, which for 4-months gave its investors 1330% profit. We are talking about the QTUM coin. The global situation in the QTUM market remains unchanged. From March 2020, the QTUM price moves within the growth channel. In May 2021, buyers tested the upper trend line of this channel, using abnormally high trading volumes. After the test of $35.68, the local growth wave culminated, as a result of which the QTUM market corrected by 80%.

The main achievement of buyers during the price correction is the maintenance of a globally important range of $5-$6. This range was a serious problem for buyers in the period from December 2018 to February 2021. Maintaining this range indicates serious long-term plans for QTUM crypto buyers and continued price movements in the global growth channel.

QTUM Technical Analysis on the Daily Timeframe

If we turn our attention to the daily timeframe, we see that two days ago buyers managed to break an important level of $7.89, which was important for both sellers and buyers.

TradingView Chart Snapshot

If we pay attention to the nature of the price fall in May 2021, we see that buyers started to slow down the fall from $7.89. The first rebound after the local apocalypse came exactly from this point. And after breaking the mark of $7.89, buyers could not regain control of the mark for a month. To the positive facts in QTUM technical analysis, we are forced to also add negative ones. Problems for buyers in the QTUM market can start in the range of $11.6-$12.6. Given that the current growth wave is uncorrected, there is a high likelihood of starting this correction in the range of $11.6-$12.6.

The QTUMBTC Price Is Already at a Critical Point

Analyzing the QTUMBTC chart, we see that the price has already reached a critical range.

QTUM

The chart shows that buyers have regained the price to the range of 0.00002380-0.00002580, control over which they lost in January 2021. And we can talk about the continuation of the growth trend only after the price fixes above this range.

However, given the strong dynamics of the new BTC growth wave, the QTUM coin price will most likely reach our target of $11.6-$12.6. And then, according to our QTUM technical analysis, investors who did not have time to buy QTUM will have a chance to do so at reasonable prices and with low risk in the range of $8-$8.5.

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