Qtum (QTUM) Price Prediction

February 12, 2020   Qtum

Qtum has never belonged to the class of top cryptocurrencies, but it definitely should occupy a slightly higher position than it is now. This statement is based on such an important criterion as daily trading volume, which is inarguably one of the most genuine indicators of coin’s popularity and acceptability.

When it comes to Qtum, its trading volume surpasses that of its competitors by miles. The only cryptocurrency that boasts the better showing is a stablecoin Paxos Standard, but that constitutes another case since this coin is listed on the vast majority of exchanges, whereas Qtum is being traded on the platforms that have medium to low liquidity, such as Cat.Ex that accounts for 23% of the overall trading volume in the QTUM/TRX pair. LBank and Latoken also hold a decent level of Qtum trading volume, though it rarely goes above 7%. Major platforms like Binance, Huobi Global, and Kraken host less than 1%, which definitely hampers the coin’s results in terms of price action.

A Tron follower


Going back to the topic concerning Tron, we have noticed a fascinating correlation between these two coins - so much so that the price action of QTUM literally mimics that of TRX, which becomes clear, judging from the comparison chart below.

QTUM/TRX price action for the last 30-days

This could be an instrumental insight for those who specialize in trading TRX as it allows to virtually clone the trading strategy and apply it to QTUM, though it is obviously a self-sufficient coin.

A price driven by fundamentals


Another interesting observation regarding Qtum is that the price of the 37th cryptocurrency is susceptible to reports about system upgrades or hard forks that take place within its ecosystem.

1-day QTUM/USDT chart

For instance, on October 17, 2019, the team announced that their PoS blockchain had gone through the first-ever hard fork, consequently upgrading to Qtum 2.0. As you can see in the chart above, just a few days later, the price skyrocketed by 85%, a feature that should be noted for the future trading strategies involving QTUM, because judging from the team’s blog, the project is continuously working on new updates and improvements.

Price forecast for the immediate future


Qtum began the year with a breakout from the Bollinger Band squeeze to the level of $2.2 where was decisively rejected by the bears.

1-day QTUM/USDT chart

The trading volume has been on the decline after a price spike, but given that the RSI is rather far from the overbought area, there is room for a move to the upside.

Other indicators, such as the 50-day and 100-day moving average instills a bullish sentiment, although in a span of a week, the price is likely to be rejected at $2.2 again before performing a breakthrough from the ascending triangle.

The decline to $1.6 would mean the cancelation of the bullish scenario for the time being and reversion to the accumulation phase. However, given that QTUM has been consistently making lower highs since the beginning of the year, it is unlikely to reverse to a downtrend, unless a force majeure happens on the cryptocurrency market. Setting a stop-limit is a must, as always, but Qtum appears to be inclined to maintain the bull rally.

Author: Alex Paulson for Crypto-Rating.com

Related Crypto Market Materials




Top 10 upcoming ICOs

Rating Days, left
Ledder 4.9 308
Cinemadrom 4.6 63
Housinet 4.5 26
GOVEARN 4.4 309
BrandProtect 4.3 94
PointPay 4.3 511
WINBIX 4.2 214
EzyStayz 4.1 31
FRED Energy 4.1 93
EcoStart 3.7 33

Rating

Top 10 Crypto Brokers

Rank Status Broker
1 HotForex information
2 FIBO Group information
3 XM information
4 OctaFX information
5 easyMarkets information
6 LH Crypto information
7 USGFX information
8 Admiral Markets information
9 Markets.com information
10 FXOpen information

Rating

Top 10 Cryptocurrencies

Price, USD 24h 7 days
Bitcoin 9 222.622 -3.76% -8.93%
Ethereum 239.601 -7.99% -14.39%
XRP 0.244 -8.53% -17.58%
Bitcoin Cash 330.144 -10.6% -20.3%
Tether 0.996 -0.42% -0.47%
Bitcoin SV 241.868 -10.54% -21.14%
Litecoin 67.226 -9.78% -12.81%
EOS 3.945 -4.87% -13.19%
Binance Coin 19.549 -8.2% -18.46%
Tezos 2.731 -9.08% -26.53%

Rating

Top 10 Crypto Exchanges

Volume 24h, USD Change 24h
BTSE 111 109 366 478.38%
IndoEx 92 182 514 4.30%
Finexbox 3 675 289 -14.83%
Binance 5 724 645 826 222.37%
BKEX 4 731 734 600 16.56%
BitMEX 4 629 914 244 40.96%
OKEx 3 961 242 847 28.66%
LBank 3 524 861 652 22.18%
TAGZ Exchange 3 485 560 734 11.50%
BitForex 3 415 203 820 28.45%

Rating