- A breakdown of $2.14 support would trigger bearish momentum to head toward $1 and could ultimately drag the price down to $0.50.
- The breakdown from a wedge pattern indicates a possibility of price decline that confirms market trend weakness.
- QTUM’s current range-bound movement between $2.14 and $2.19 signals accumulation before a potential sharp price move.
Qtum (QTUM) is at a critical juncture as its price hovers around $2.17, reflecting a slight 0.2% decline over the past 24 hours. Technical indicators signal a potential price drop for QTUM despite its incoming significant breakout attempt from current market levels.
Qtum Faces Critical Support Test—Will $0.50 Be the Next Target?
Throughout the past several months Qtum has demonstrated upward price movement through its rising wedge pattern on trading charts. The upper resistance of this pattern has remained firm, rejecting multiple attempts at breaking higher.
Meanwhile, the lower trendline, which has provided consistent support, is now being tested. Analyst Ali suggests that QTUM is primed for a significant price move and breaking out of a flag pattern will set a $0.50 target.
Indicators from the provided chart suggest that if the price breaches the current support zone, a bearish continuation could take place. The downward projection highlights a price level below $1, marking a substantial decrease from the current market value. The formation aligns with a price movement that appears to be probable for the near future because the pattern shows decreasing highs and lows.
Key Levels To Watch
The price continues to stay confined between $2.14 and $2.19 while showing minimal volatility that points to market consolidation. The overall value of QTUM in USD showed a minimal decrease but the coin increased its value against Bitcoin (BTC) by 0.3%. The critical price support sits at $2.14 because breaking below this level would enhance selling activities.
Conversely $2.19 functions as initial resistance which a breakthrough would enable additional price elevation.The restrained price movement indicates QTUM is presently experiencing accumulation as traders anticipate market momentum clarification.
Bullish momentum’s increase could lead to a price breakout above $2.19 which might direct QTUM towards $2.25 to $2.30 within the day. A downward pressure on prices from sellers could lead to sustained QTUM price decreases up to or below $2.10.
