Could QTUM's cryptocurrency value witness a near-term surge, potentially touching the $4.60 mark?
In the cryptocurrency market, QTUM has been making waves as analysts project a bullish upside for the digital asset. The past month has seen a significant increase of 38.83% for QTUM, and the current price of $3.03 marks a 15.09% increase in the past 24 hours.
The technical analysis focuses on key resistance levels and potential risks for QTUM price in the short term. On shorter timeframes like daily and 4-hour charts, $4.00, $4.20, and $4.60 are suggested as the next key resistance levels for QTUM price USD.
Analysts predict a potential upside movement of 370% for QTUM price USD by the end of the year, toward the $17-$19 range. This projection takes into account positive technical indicators and the growing market sentiment surrounding the QTUM project.
However, it's important to note that the short-term outlook for QTUM price suggests potential resistance levels and the possibility of short-term corrections. The declining trendline on weekly QTUM price charts is being retested, according to analysts, indicating a potential resistance level. Additionally, the risk of short-term corrections exists for QTUM if Bitcoin or other major assets like ETH face a downturn.
The QTUM's year-over-year performance stands at 29.11%, a significant growth compared to many other assets in the market. However, it's worth mentioning that the all-time high was set in 2018 at $106.88, and its current price is 97.16% lower than that.
The strong investor interest and renewed attention are indicated by the current trading volume of nearly $330 million in the last 24 hours. Continued bullish sentiment and volume could push QTUM toward the higher targets suggested in the analysis.
In conclusion, while the short-term outlook suggests potential resistance levels and the possibility of short-term corrections, the overall trend for QTUM remains bullish. The potential upside movement toward the $17-$19 range by the end of the year is an exciting prospect for investors in the QTUM project. As always, it's essential to conduct thorough research and consider personal risk tolerance when making investment decisions.
