Qtum (QTUM) is at a crucial point as its price remains around $2.17, reflecting a slight decline over the past 24 hours. Technical indicators point to a potential price drop despite an impending significant breakout attempt.
Critical Support for Qtum
Over the past few months, Qtum has shown an upward price movement through its rising wedge pattern on trading charts. However, the upper resistance has held firm, rejecting attempts to break higher. The lower trendline, providing support, is now being tested. Analyst Ali suggests QTUM is primed for a significant price move, and breaking out of a flag pattern will set a target at $0.50.
Key Levels to Watch
The price continues to stay confined between $2.14 and $2.19, showing minimal volatility that indicates accumulation. The overall USD value of QTUM showed a minimal decrease but increased against Bitcoin (BTC) by 0.3%. The critical price support sits at $2.14, as breaking below this level would amplify selling activities.
Potential Price Direction
An increase in bullish momentum could lead to a price breakout above $2.19 and potentially increase QTUM's value to $2.25–$2.30 within the day. Continued downward pressure from sellers could lead to a sustained QTUM price decrease to or below $2.10.
As Qtum continues to trade within a narrow range, consolidation before a potential decisive move is evident. Developments in the crypto space could significantly influence its price in the coming days.
