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Qtum Price Analysis: QTUM Declining Through an Interesting Channel, Know Whereabouts!

Qtum Price Analysis: QTUM Declining Through an Interesting Channel, Know Whereabouts!

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  • Qtum The price has fallen through a descending parallel channel on the daily chart.
  • QTUM crypto has fallen below the 20, 50, 100 and 200 day daily moving averages.
  • The QTUM/BTC pair is at 0.0001503 BTC with an intraday drop of 0.03%.

The price of Qtum token has fallen through a parallel downward channel on the daily price chart. The token initially tried to capitalize on the strength of the rally by advancing in the direction of the upper trendline, but it failed and it eventually returned to the channel. Buyers are required for the QTUM currency to exit the parallel sink channel. Once again, the QTUM currency is trying to break above the upper trendline of the parallel channel, and the QTUM bulls seem to be focused on it. This could be a sign that QTUM currency is getting ready to leave its channel.

Qtum token currently has an estimated price of $2.95 and has lost 1.86% of its market value in the last day. The volume of trades decreased by 16.84% during intraday trading. It is clear from this that the bears are trying to short the mark in the hands of the sellers. The volume-to-market ratio is 0.1324.

The price of QTUM coin needs support from buyers to move above the upper trend line and indicate a breakout of the token. However, the change in volume is less than normal and needs to be increased for QTUM to report disconnection. In the meantime, QTUM bulls need to rally themselves to show that the token has crossed the daily price chart.

What do the technical indicators suggest about QTUM?

Bulls need to develop before QTUM coin enters its recovery phase. Currently, the token is preparing to exit the parallel channel. It will take some time to see if QTUM coin can find positive support by predicting a significant increase in buys on the daily chart. Technical indicators show the strength of the rise of the QTUM currency.

The relative strength index of the QTUM currency shows how fast it is rising. The relative strength index of the daily chart is close to 38 and is a sign of a change in direction. The increasing speed of QTUM coin can be seen in MACD. The MACD line rises above the signal line after a negative split move.

Conclusion

The price of Qtum token has fallen through a parallel downward channel on the daily price chart. The token initially tried to capitalize on the strength of the rally by advancing in the direction of the upper trendline, but it failed and it eventually returned to the channel. Buyers are required for the QTUM currency to exit the parallel sink channel. Once again, the QTUM currency is trying to break above the upper trendline of the parallel channel, and the QTUM bulls seem to be focused on it. In the meantime, QTUM bulls need to rally themselves to show that the token has crossed the daily price chart. Technical indicators show the strength of the rise of the QTUM currency. The MACD line rises above the signal line after a negative split move.

Technical levels

Support levels: $2.90 and $2.50

Resistance levels: $3.00 and $3.50

Disclaimer

The views and opinions expressed by the author or any people named in this article are for information only and do not constitute financial, investment or other advice. Investing or trading in crypto-assets involves the risk of financial losses.

Source: https://www.thecoinrepublic.com/2022/09/17/qtum-price-analysis-qtum-declining-through-an-interesting-channel-know-whereabouts/

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