Bitcoin
BTC$95 523.20

-1.59%

Ethereum
ETH$3 621.80

-2.23%

Tether
USDT$1.000303

-0.03%

XRP
XRP$2.35

22.03%

Solana
SOL$227.22

-4.39%

Binance Coin
BNB$639.63

-2.52%

Qtum: To buy or to sell, that is the question


December 2019

We are now at the tail end of 2019, so it is already safe to assess the yearly performance of all cryptocurrencies. There have been some magnificent gainers, like Synthetix (SNX), which has put a remarkable 2613% gains, and Matic Network (MATIC) with 699% increase. But, of course, there were many losers that had negative yearly performance.

The list of “losers” include Qtum (QTUM), a coin that has decreased in value by -21,96% over the course of the year. It can be viewed as a bad result, considering that most neighboring coins were in green this year. This could mean that Qtum can fall lower in the Coinmarketcap ranking (it presently holds the 34th spot) if the poor showings persist.

However, as every experienced trader knows, one shouldn’t rely only on bullish scenarios and build his trading strategy accordingly. The market always moves in waves; therefore, there is a high possibility that soon Qtum would reverse the bearish trend and enter the green territory. But that is unlikely to happen in the next couple of weeks. 

How Qtum behaved in 2019


Judging from the year-to-date chart below, Qtum took an active part in a bull rally, which took place throughout this spring and summer.

The green days of the crypto market ended abruptly at the beginning of August, so did the rapid rise of Qtum price, which had climbed to the height of $5.57, only to have a massive crash to the previous support level of $2,68. That fall marked the inception of a prolonged correction, which saw the price of Qtum sliding slowly but steadily to its current support zone at $1,6.

Interestingly, the price action of Qtum almost mimics the one of Ethereum, while having evident discrepancies with this year’s path of Bitcoin.

Bitcoin to Qtum comparison chart

Ethereum to Qtum comparison chart

Traders who specialize in ETH should take this fact into account and consider the possibility of adding Qtum to their crypto portfolios, because it could open the opportunity for mirror trading.

To summarize, in 2019, Qtum has failed the holders who missed out on the chance to sell the coin somewhere during the bull rally, and now have to suffer through the lingering correction. But those traders who got acquainted with this cryptocurrency only a couple of months ago must now wait for a deeper dip, which should happen sooner rather than later, given Qtum’s unimpressive performance lately.

Even though Qtum holds the promise of future gains, its present situation is close to being dire. The vast majority of technical indicators are pointing at a strong sell, as seen on this meter.

The 14-day Stoch RSI is screaming to sell, echoed by SMAs and EMAs on all time frames. The only indicator that suggests a buy is the 9-day Hull Moving Average - Stochastics and MACD remain neutral at this point.

All in all, the holders of Qtum should either sit tight or cut their losses, while the potential buyers could wait for another dip.

Author: Alex Paulson for Crypto-Rating.com

Related

QTUM: The Consolidation is Looming
QTUM: The Consolidation is Looming
Qtum Offline Staking Could Protract the Uptrend
Qtum Offline Staking Could Protract the Uptrend
Qtum: A Step Away From the First Higher High
Qtum: A Step Away From the First Higher High
Qtum: Chugging Along to the Upside
Qtum: Chugging Along to the Upside
Qtum (QTUM) Price Prediction for February 2020
Qtum (QTUM) Price Prediction for February 2020

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 63.6% 72 $95 523.20 -1.59% -3.09% $1 890 429 694 333 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 70.4% 59 $3 621.80 -2.23% 4.19% $436 218 097 663 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92% 1 $1.000303 -0.03% -0.06% $134 162 795 778 USDT 7 days price change
4 XRP (XRP) XRP XRP predictions 58.8% 88 $2.35 22.03% 55.33% $134 008 145 144 XRP 7 days price change
5 Solana (SOL) SOL Solana predictions 65.6% 74 $227.22 -4.39% -10.92% $107 963 781 068 SOL 7 days price change
6 Binance Coin (BNB) BNB Binance Coin predictions 81.2% 31 $639.63 -2.52% -4.93% $92 113 151 283 BNB 7 days price change
7 Dogecoin (DOGE) DOGE Dogecoin predictions 54.8% 93 $0.414433 -3.12% -4.33% $60 934 659 886 DOGE 7 days price change
8 USD Coin (USDC) USDC USD Coin predictions 93.6% 1 $0.999885 -0.02% 0% $39 953 701 426 USDC 7 days price change
9 Cardano (ADA) ADA Cardano predictions 59.2% 84 $1.098899 2.62% 3.22% $38 555 845 015 ADA 7 days price change
10 Avalanche (AVAX) AVAX Avalanche predictions 68.4% 69 $47.29 6.64% 1.29% $19 354 282 669 AVAX 7 days price change
11 TRON (TRX) TRX TRON predictions 60.4% 80 $0.206824 -0.55% -2.23% $17 849 842 228 TRX 7 days price change
12 SHIBA INU (SHIB) SHIB SHIBA INU predictions 58.4% 94 $0.000029 -2.55% 11.86% $17 234 033 938 SHIB 7 days price change
13 Toncoin (TON) TON Toncoin predictions 69.6% 62 $6.50 -4.09% 4.64% $16 548 049 282 TON 7 days price change
14 Stellar (XLM) XLM Stellar predictions 58% 89 $0.517429 1.39% -5.15% $15 561 708 340 XLM 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 59.2% 84 $8.73 -2.42% -4.66% $13 308 222 653 DOT 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2024 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.