Qtum—the Proof of Stake based smart contract platform is built on Bitcoin’s UTXO transaction and the native token is currently trading at $2.585 against the greenback. It was earlier in the year when the price crashed and hit an All Time Low around $0.70.
In a period of 5 months, QTUM/USD strengthened by over 680% from YTD low to high marked at $5.531 in the previous month and over the past 3 weeks has crashed by over 50% in around 3 weeks, as on the date.
Qtum Price Analysis
Qtum with a negative intraday sentiment is currently trading below $3 at $2.585 and testing supports around 38.20% Fib retracement level. Moreover, it was until the beginning of the previous month when Qtum breached above 38.20% Fib retracement level on 24-hour chart after waiving off the accumulation below the give Fib Level from the YTD lowest price.
Also, it was at the onset of the ongoing month when the market crashed, and the price fell as low as $2.14 and breached the lower band. However, with gradual strengthening, the price trend has rose from the utter extremity, but the sentiment is still negative. The Bollinger Bands are moderately widened and therefore, we project near-term volatility.
The MACD of Qtum exhibits a bearish divergence too due to complete rip off gains on the 24-hour chart and therefore, the signal line is seen crossing above the MACD line. The RSI us also inclined towards the lower support at 43.50 due to lack of demand.