QTUM Technical Analysis: Price Is Above the First Fibonacci Pivot Resistance Level of $7.86

Qtum is a Proof-of-Stake-oriented decentralized blockchain network driven by smart contracts. Its application platform is compatible with current blockchain networks and is flexible enough to accommodate new innovative apps. It is an enterprise-level ecosystem offering customized solutions to various businesses. Qtum is the in-house token of this network. Let us look at the technical analysis of the same.

Past Performance

On Jun 23, 2021, QTUM opened at $4.99. On Jun 29, 2021, QTUM closed at $7.53. Thus, in the past week, the price has increased by roughly 51%. In the last 24 hours, QTUM has traded between $6.42 – $7.88.

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Day-Ahead and Tomorrow

Currently, QTUM is trading at $7.91. The price has increased from the day’s opening price of $7.53. Thus, the market seems bullish.

The MACD and signal lines are positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the QTUM price to start rising.

Currently, the RSI indicator is at 62%. It faced rejection at 68% and fell to the current level. However, buying pressures are still high. Hence, the RSI oscillator is giving further credence to the bullish market momentum indicated by the MACD oscillator.

Besides, the OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. High buying activity will exert upward pressure on the QTUM price.

In short, when we look at all three oscillators together, we can say that as of now the overall market momentum is positive.

QTUM Price Analysis

Currently, the price is above the first Fibonacci pivot resistance level of $7.86. The price may soon surpass the second and third resistance levels of $8.22 and $8.79, respectively.

The price has tested and broken out of the 23.6% FIB retracement level of $7.57. It may soon surpass the 23.6% FIB extension level of $8.27. Thus, as of now, the bulls are strong. Hence, we can expect the price uptrend to continue tomorrow as well.