- QTUM’s rise on the charts is an outcome of bullish trend continuation.
- The token’s CMP is near its one-month high price
- It also saw an ascent in its market cap as well as trading volume
QTUM is rallying with bullish momentum. With over two major breakouts, both at the start of the months, i.e. September and October, the token is climbing up the charts. The market cap of QTUM is up by 4.62% to $1.7 billion. The trading volume also saw a tremendous increment of 74.89% in the last 24 hours. The volume/market cap ratio is 0.305. The all-time high price of QTUM was over 4 years ago, and the lowest price was last year. However, the total ROI of the token is 166%. The QTUM/BTC and QTUM/ETH pairs also witnessed a rise in their market prices by 2.05% and 3.60%, respectively.
The chart above shows breakthroughs during the start of the month. The market price after those stayed continuous without falling down and only climbed up. The EMA lines also resided below the candles during the trend continuation. No trend reversal was observed before a climb or during price escalation. Before October, the EMA lines ran in descending order, i.e. 200, 100 and then 50 EMA below them all. But as soon as the token went bullish, the lines got back into their original bullish order. The token is trading above these lines at the time of curating this article. The formation of the cup and handle pattern before the current price candle is another indication of a bullish trend continuum.
Oscillators indicate a steady rise in the price
The MACD line stayed very close to the neutral level during a continued trend and only went up when the price rose. The current state of the MACD line with respect to the histogram is divergent. Since the line is above the zero level, one can say that the current trend is going to continue, if not another sudden breakout. The RSI level also resides inside the neutral zone and suggests a safe buying period.
The resistance levels are at $19.07 and $22.05, and support is present at $10.04 and $13.06.
Conclusion- QTUM is maintaining bullish momentum and has started breaking out in the prices periodically. So it may get another monthly high price during the start of next month. The resistance of $22.05 is going to stay for some time, but investors can try out their luck in long-term investment. Nevertheless, it is advisable to invest with due diligence and have the whole knowledge of the risks involved.
Resistance- $19.07 and $22.05
Support- $10.04 and $13.06