The Altcoins are making heads turn with the soaring price charts, among the leaders, Qtum cryptocurrency has recently observed an impressive surge in trading activity. Over the past 24 hours, it has experienced a notable increase of 35%, highlighting its growing momentum.
Bitcoin, a well-known digital currency, has managed to maintain its position above the crucial $30,000 mark. This has provided a boost to various altcoins, including Bitcoin Cash, eCash, QTUM, and numerous others, as they ride the wave of Bitcoin’s sustained performance.
The bulls have successfully breached the long-term descending trendline, due to which QTUM has witnessed a remarkable recovery of nearly 50%. Currently trading as $3.3, Qtum rose from its two-month low of $2.2. According to CoinMarketCap, the 24 hour trading volume surged by 640% to reach $197 million.
As the aggressive buying activity has taken place at the 0.382 level of Fibonacci retracement, it’s expected to serve as a support level. Additionally, the OBV indicator is currently indicating a range of 418 million, signifying a potential interest in buying QTUM cryptocurrency.
When analyzing the daily price chart of QTUM, it becomes evident that the cryptocurrency is comfortably positioned well above the 20, 50, 100, and 200 Exponential Moving Averages (EMAs). Notably, after breaking out from the descending trendline, the 200-EMA has now transformed into a crucial support level for QTUM.
Moreover, the Relative Strength Index (RSI) is on the verge of entering the overbought zone. This bullish signal suggests the possibility of increased buying pressure in the near future.
