Qtum is a PoS-based open-source blockchain network. It uses a Decentralized Governance Protocol (DGP) to modify specific blockchain settings with the help of smart contracts. It also provides a robust Dapp platform that allows users to build and deploy new and innovative applications on the network. QTUM is the prime governance token of this ecosystem. Let us look at the technical analysis of QTUM. Past Performance On Jul 13, 2021, QTUM opened at $6.57. On Jul 19, 2021, QTUM closed at $5.31. Thus, in the past week, the price has decreased by roughly 19%. In the last 24 hours, QTUM has traded between $5.05-$5.67. https://ift.tt/3eE6bHk Day-Ahead and Tomorrow Currently, QTUM is trading at $5.03. The price has decreased from the day’s opening price of $5.31. Thus, the market seems bearish. The MACD and signal lines are negative. Thus, the overall market momentum is turning bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Moreover, they are inching closer to the zero line and may turn positive in some time. Hence, we can expect a bearish trend reversal in some time. Currently, the RSI indicator is at 43%. It faced rejection at 46% and fell to the current level. Hence, selling pressures are high. High selling activity will exert downward pressure on the QTUM price. Besides, the OBV indicator is downward sloping too. Thus, selling volumes are higher than buying volumes. Hence, the price may fall further. In short, as of now, all three oscillators have given bearish signals. QTUM Technical Analysis Currently, the price is below the first Fibonacci pivot support level of $5.10. The price may soon fall further below the second and third support levels of $4.95 and $4.71, respectively. Currently, the price is below the 23.6% FIB retracement level of $5.19. It may soon fall below the 23.6% FIB extension level of $4.89. Thus, as of now, the price downtrend is strong enough to sustain till tomorrow.
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