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QTUM Goes (Almost) Entirely Red in 2018

2 mins
Updated by Kyle Baird
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In Brief

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QTUM is a proof-of-stake, community-governed decentralized blockchain tailored to smart contract deployment.
The project debuted on the markets in the middle of 2017, where it traded for between roughly $5.00 and $17 until December. The massive bull run that came at the end of 2017 carried QTUM from $12 to over $100 less than one month later — a gain of more than 700 percent. At the time of writing, QTUM is ranked 33rd and is trading at $1.67 with a total market cap of nearly $150 million.

Stochastic RSI

Taking a look at the three-day and two-week stochastic RSI, both values have seemed to bounce off the midline and look ready to climb back to the overbought territory between 80 and 100. Since plummeting to a new all-time low recently, the price has shown a slight bounce. Considering the stochastic RSI, it is possible QTUM may reach a peak of around $2.00 before falling back to establish a new horizontal support.

Running Red

QTUM is one of the biggest losers in 2018, down 98 percent from its all-time high. It achieved a new all-time low of $1.50 last Friday. [bctt tweet=”QTUM has suffered losses every single month this year with the exception of April. Enter a position at your own risk.” username=”beincrypto”] The $1.50 level seems quite strong as a support from the lower descending channel, and will most likely keep between the $1.50 and $2.00 range to establish a clear horizontal support. With its most recent dip from $4.00 to $1.50, QTUM could be aiming for the 0.236 Fibonacci retrace level in the neighborhood of $2.00 to $2.13. Anyone looking to open a position at this level should remain cautious and keep in mind that the bearish trend is still in full effect. As QTUM explores new low levels, there is not much in the way for pre-established supports, and only time will tell where the bottom is. Do you think QTUM will continue to move under $1.00? Will QTUM ever be able to surpass its previous all-time high? Let us know your thoughts in the comments below!  Disclaimer: The contents of this article are not intended as financial advice, and should not be taken as such. BeInCrypto and the author are not responsible for any financial gains or losses made after reading this article. Readers are always encouraged to do their own research before investing in cryptocurrency, as the market is particularly volatile. The author of this article does not hold QTUM.  
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Kyle Baird
Kyle migrated from the East Coast USA to South-East Asia after graduating from Pennsylvania's East Stroudsburg University with a Bachelor of Science degree in 2010. Following in the footsteps of his grandfather, Kyle got his start buying stocks and precious metals in his teens. This sparked his interest in learning and writing about cryptocurrencies. He started as a copywriter for Bitcoinist in 2016 before taking on an editor's role at BeInCrypto at the beginning of 2018.
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