- The Qtum coin displays a bullish rally over the past few days.
- Price action suggests double bottom formation near the 90-day low.
- The Parabolic SAR indicator is trading below the current price of QTUM.
The Qtum coin noted an amazing rally in the last few days. However, there was a dramatic drop in altcoins in April, causing the altcoin price to hit its 2022 lows. Recently, buyers witnessed the latest 52-week low at $2.41 mark, which turned into an important hedge zone for buyers.
Price action displayed double bottom formation in each time frame window like hourly and above. As a result, buyers celebrated an Amazon bullish rally of 56% in July. Monthly price candles give relief to buyers in Thai months after three months of a continuous downtrend.
Amidst the uptrend, the Qtum coin is trading at the $4.4 mark against USDT at the time of writing. Buyers are also looking aggressive in the intraday trading session. Furthermore, the QTUM crypto with the bitcoin pair is up 13.3% at 0.0001906 satoshis.
The market cap of the QTUM coin jumped 22% over the past 24 hours, taking its value to over $450 million. Trading volume is also rising gradually, which suggests above-average buying in the asset price. Furthermore, throughout the daily price graph, the Parabolic SAR indicator remains below the current QTUM price.
Which is the Next Stop for Buyers?
The Qtum crypto price is staying above the red moving lines of the EMA ribbon indicator while the bulls are approaching the 200 moving line (yellow) of the indicator given.
Thus, the Stoch RSI is fluctuating in the highly overbought zone on the daily price scale. Similarly, the MACD indicator is moving above the neutral zone of the indicator and is expanding into the positive zone.
Conclusion
The Qtum coin is approaching the most immediate bullish hurdle. The next resistance is a trend change point which will decide further growth. Meanwhile, technical indicators favor bullish dominance.
Support level- $4.0 and $2.5
Resistance level- $5.0 and $10
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.