Qtum is a PoS-based blockchain network using Decentralized Governance protocol. It allows users to modify blockchain settings through smart contracts. Multiple virtual machines and advanced security features based on the UTXO model are some striking characteristics of this open-source public blockchain network. QTUM is the native token of this ecosystem. The QTUM technical analysis is as follows:
On April 30, 2021, QTUM started trading at $14.21. On May 6, 2021, QTUM closed at $24.78. Thus, in the past week, the price has surged by roughly 74%. In the last 24 hours, QTUM has traded between $24.72-$35.68.
Day-Ahead and Tomorrow
Currently, QTUM is trading at $32.18. The price has increased from the day’s opening price of $24.78. Thus, the market seems to be uptick.
The MACD and signal lines have just turned positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, the price is likely to go up further.
Currently, the RSI indicator is at 62%. It faced rejection at 50% and rose to this level. Thus, buying pressures are high. Hence, like the MACD indicator, the RSI indicator is pointing towards a bullish price trend.
Besides, the OBV indicator is also upward sloping. Hence, buying volumes are higher than selling volumes. High buying activity will exert upward pressure on the QTUM price. Therefore, the OBV indicator is giving further credence to the positive price trend indicated by the other oscillators.
QTUM Technical Analysis
Currently, the price is above the first Fibonacci pivot resistance level of $32.58. The price is likely to surpass the subsequent resistance level of $35.17 and $39.35, respectively, in some time.
The price has tested and broken out of the 23.6% FIB retracement level of $33.09. It is soon likely to breach the 23.6% FIB extension level of $38.27. Thus, the bullish forces are strong as of now and the positive price momentum is likely to continue today and tomorrow.