- QTUM surges by an insane 30% and secures another high at $22.88
- The next barrier for QTUM is to tackle the critical resistance of $23
QTUM, token trading under the radar since the bear market of 2018, has finally picked up the pace after battling the resistance of $10.16. QTUM is now exploring new highs, as suggested by today’s trading session, where the token witnessed an epic rally of 30%. The daily RSI has entered the overbought zone, which might act as confrontation in cutting this bull rally short for the time being. The critical level to watch is $15.59 on account of it being flipped as support from resistance. The price action on the daily chart demonstrates the possibility of a potential rising wedge pattern.
Can QTUM rise to its 2018 gains?
QTUM traded at around $5.54 when it was first launched in late 2017. For the next nine months, the token projected consolidation where it traded within the rangebound territory of $6 to $17. The crypto bull run of 2017 dragged QTUM to skyrocket from $17 to $85 in the span of three weeks. In march 2018 the token plunged down to its original price and started trading sideways for the next two years. However, this year QTUM has shown a massive recovery of 586%, thus stating that it does have to potential to soar to its former highs. Having said that, this recovery will be accompanied by a steady momentum.
When we dive into the QTUM tokenomics, the altcoin has a circulating supply of 92%. What that means is that this cryptocurrency will not face inflation and if anything, over time, as it becomes all the more scarce, it is likely to face quantitative hardening, which we’ve seen in Bitcoin and other cryptocurrencies.
QTUM is a project that blends the UTXO model of Bitcoin with the Ethereum virtual machine to create a new Cryptocurrency EVM. The project is now developing a new virtual machine that will enable developers to write smart contracts that can be used with EVMs. QTUM’s main goal is to incorporate blockchain technology into various sectors such as banking, social networking, gambling, and online publishing. As a result, QTUM’s developers wanted to build a network that is both scalable and simple to use.
SUPPORT : $10.16, $15.59
RESISTANCE : $23, $33