Qtum Price Analysis – QTUM/USD
Qtum having been ranked of 33 by the market cap which stands at the level of$175,187,760 on December 04, 09:47 UTC has slashed in current value by 56% compared with October 22 level. It experienced downward slope since its all-time high level that it attained in June this year. As we can analyze that the 20-day EMA has declined steeply which is a negative sign. Amid this, the 14-day RSI has hit deeply oversold levels, which suggests that selling has been overdone and a pullback is likely. Besides this, the falling 20-day EMA and the RSI in the oversold territory show that the bears have the upper hand, and the QTUM/USD pair remains in a bearish trend as of now, as the strong bearish pressure has successfully dropped in current value by making it the lowest low of the day before exhaustion set in. There are no bullish patterns that can be suggested at this juncture for a buy; hence, it is best to remain on the sidelines. With this, traders should wait for the trend to rebound and a bottom to form before initiating any long positions in it. Let us not forget that the 20-day EMA is sloping down and the RSI is in the oversold territory, which shows that the balance is tilted in favor of sellers. If we analyze, the QTUM/USD pair remained range bound from September 17 to October 22 this year where the cryptocurrency rallied from a low of $3.169 to a high of $4.79, which is a 51 percent return within 35 days. However, based on the current scenario, the next support level can be estimated at $2.