QUBIC Price Reached Crucial Level of Breakout; Volume Surged 200%

• Qubic price has declined by 65% since May, indicating sellers’ grip.
• The trading volume has increased by 200% in the past 24 hours.
• Qubic crypto has diluted only 10.20% coins of its maximum supply in the cryptocurrency market.

The chart showed that the QUBIC price has remained in a bearish trend since May and has lost around 65% till now. It has declined by facing rejection from a descending trendline. The price bounced back to the trendline at press time, waiting for the breakout or rejection.

The bearish trend in the QUBIC crypto price has halted near the $0.00000165 mark. Sellers have attempted twice to drag the price below this level, but buyers have shown involvement.

At press time, the QUBIC crypto was traded at $0.00000210 with an intraday gain of 4.83%. It had a market capitalization of $213.84 Million with a 24-hour trading volume of $5.62 Million.

The circulation of Qubic crypto coins is 101.96T QUBIC, and the total supply is 103.93T QUBIC. At the same time, its maximum supply is 1000T QUBIC.

Would the QUBIC Crypto Get Its Pride Back Soon?

Based on this source on X, the QUBIC crypto used to be a Billion-dollar asset. The crypto asset is currently at a discount and might regain its price soon, per the technical analysis. For now, the Qubic crypto price will gain 5x return in the next few days.

If you factor in that $QUBIC was 85% down from its ATH

And then add a further reduction of 80% supply

I’m total that is a 97% reduction

Remember few months ago #QUBIC was a billion dollar asset…

I’m sure we hit that again but this time price would be 5x higher .… https://t.co/C8YwRmpGRo pic.twitter.com/CF9fBgCMTQ

— The Professor ‎ ₳Ѳ τ ‎ױ ⧖ (@AzeroPapi) August 1, 2024

Is the downtrend in Qubic Crypto coming to an end?

A source on X claimed that the Qubic price has been in a bearish trend for the past few months. This source says the QUBIC price has found the bottom and is ready to shoot up soon. If it exceeds the $0.000002900 level, buying pressure can be expected.

$CLORE had it's run in my opinion. it will take time for accumulation again$QUBIC in downtrend right now. to change the market structure it has to break 2900 and then it can make new all time high https://t.co/QpPB737nSe pic.twitter.com/LKMykD9lqX

— Bandhan Sharma Maverick Trader (@wickhunterr) August 2, 2024

QUBIC Price has Shaped a Descending Triangle on the 4-H Timeframe

In a 4-H time frame, the Qubic price has formed a descending triangle pattern. At press time, the Qubic price has reached the trendline and breakout anticipated.

Suppose the digital asset price triggers a breakout from the triangle and trading volume increases; buyers might become confident. A successful breakout may help the price to gain 40% in the next few weeks.

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On the other hand, if the price faces resistance from the trendline, it may melt to the support level of $0.00000165. If the price slips below this support level, strong selling pressure can be further experienced.

Based on the technical indicators, the MACD showed a golden crossover with the signal line, and the histograms suddenly flipped to green.

Could Qubic Crypto Price Recover Previous Losses?

The QUBIC crypto has been going through a challenging period, with a significant decline in price and bearish trends. However, there are indications that a potential turnaround might be on the horizon. 

Technical analysis suggested that crypto has found support around the $0.00000165 mark. Moreover, forming a descending triangle pattern in the 4-hour timeframe indicates the possibility of a breakout.

Technical Levels

The Qubic price is expected to face resistance from the $0.00000210 and $0.00000300 levels. The price may take support at $0.00000180 and $0.00000165 mark.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.