QTUM ANALYSIS: JULY, 2021
Qtum is an open-source blockchain protocol that seeks to increase the number of smart contracts. Here’s the price analysis of Qtum.
Qtum is trading at $7.06, near the support trendline of the symmetrical triangle formation. It is on its fifth Elliot wave, ready to give a sharp move on either side.
The coin is also taking support from its 50-day exponential moving average on the 4-hour time frame. However, the long-term trend remains bearish as the price remains way below its 200-day exponential moving average.
The short-term trend remains bullish until it sustains above the 50-day MA. Any close below it can hint at a possible breakdown of the support.
Currently, the bearish volumes are exceeding those of bullish ones. A cautious approach is a must.
The Relative Strength Index is showing price weakness for the coin in the coming days. It has given two consecutive negative divergences in three days. It stands at 47.65, with a potential to go lower.
The MACD is below the signal line, giving a ‘sell’ call to investors. If the MACD crosses below the ‘0’ line, it would confirm the possibility of a breakdown.
Both indicators hint weakness for the coin.
On the breakdown and close below $6.99, targets on the downside are placed at $6.81 and $6.64.
On the other hand, on the breakout and close above $7.32, targets on the upside are placed at $7.69 and $7.95.
The probability of downside is more than any upside. Investors must wait before creating fresh long positions in Qtum.
KUSAMA ANALYSIS: JULY, 2021
The coin is trading at $211.35, near the resistance zone of the range. The coin has been trading within a very small range $190 to $220 on the daily time frame. This consolidation comes after a very sharp fall in the previous month where Kusama lost almost 50% of its value. The move from this consolidation will decide the trend of the coin in the future.
Owing to the 50% fall, the coin is considerably below its 50-day and 200-day exponential moving average. Thus, the short-term and the long-term trend of the coin remains very bearish.
On an average, the bearish volumes exceed the bullish volumes. The edge is inclined towards the sellers for now.
The Relative Strength Index has defended itself from the oversold region. From there, it has smoothly moved upwards, indicating neutral strength in the coin. It stands at 40.50, with a potential to go higher.
The MACD has crossed above the signal line, giving a fresh ‘buy’ call to investors.
Both indicators hint at the end of the bearish grip.
On the breakout and close above $218.00, targets on the upside are placed at $246.67 and $301.45. These targets are set according to the Fibonacci levels.
On the breakdown and close below $190.56, targets on the downside are placed at $176.05 and $156.77.
Investors must wait for Kusama to break the range on either side before entering into a trade.
AVAX ANALYSIS: JULY, 2021
Avalanche is claimed to be the fastest smart contract protocol on the blockchain network. Here’s the price analysis of Avalanche.
It is trading at $13.41. It has given a breakout of the resistance and retested the same on the 4-hour time frame. This is essentially a bullish sign.
However, the coin is facing an immediate resistance at $14.03. This level marks the confluence of the 200-day exponential moving average and the 0.618 Fibonacci level. This level would be a make-or-break for the coin.
The scattered yet good bullish volumes have supported the breakout. The coin must sustain and break $14 to ensure the confirmation of the breakout. Else, the coin can fall right back into the range in which it spent significant time previously.
The Relative Strength Index is showing extreme price strength as it hovers near the overbought region. It stands at 67.63. The RSI supports the breakout.
The MACD is above the signal line, giving a ‘buy’ call to investors.
On the breakout and close above $14.03, targets on the upside are placed at $15.28 and $16.87.
On the breakdown and close below the level of $13.13, targets on the downside are placed at $12.24 and $11.15.If a breakdown is seen, a sideways movement is expected for Avalanche.