Altcoins are turning heads with sky-high price charts, among the leaders, cryptocurrency Qtum has recently seen an impressive increase in trading activity. In the last 24 hours it has experienced a notable increase of 35%, highlighting its growing momentum.
Bitcoin, a well-known digital currency, has managed to hold its position above the crucial $30,000 mark. This has provided a boost to various altcoins, including bitcoin casheCash, QTUM and many others, as they ride the wave of Bitcoin's sustained performance.
The bulls have successfully broken out of the long-term downtrend line, thus QTUM has witnessed a remarkable recovery of almost 50%. Currently trading at $3.3, Qtum is up from its two-month low of $2.2. According CoinMarketCap24-hour trading volume increased 640% to $197 million.
Since the aggressive buying activity has taken place at the 0.382 Fibonacci retracement level, this is expected to serve as a support level. Furthermore, the OBV indicator currently indicates a range of 418 million, which signifies a potential interest in buying the QTUM cryptocurrency.
Analyzing QTUM's daily price chart, it becomes apparent that the cryptocurrency is comfortably positioned well above the 20, 50, 100, and 200 EMAs. In particular, after breaking out of the trend line On the downside, the 200 EMA has now transformed into a crucial support level for QTUM.
Also, the Relative Strength Index (RSI) is about to enter the overbought zone. This bullish sign suggests the possibility of further buying pressure in the near future.
