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Rising Market: QTUM Gains 49% in 24 Hours, Still Runs Bullish

Rising Market: QTUM Gains 49% in 24 Hours, Still Runs Bullish

5 min read 

In the recovering cryptocurrency market, the top five coins are finding it very hard to maintain a steady bull. However, some of the popular altcoins are adding aggressively their values. With this, the total market cap has again reached to $328 billion.

QTUM

QTUM is one of the lead gainers in the market. The coin gained 48.5 percent in the last 24 hours, thus making a weekly appreciation of 10.4 percent. With $1.5 billion in market cap, QTUM is the 18th largest coin in the market, however, with the tremendously increasing prices, it has registered trading volume of $654 million in the last 24 hours.

QTUM graph

On the weekly chart, QTUM maintained a bearish run until recently. After facing resistance at $18.46, the coin took a downturn to reach$14.24, where it faced another stiff resistance level at $15.8. Though there was a support level present around $14.62, the coin ultimately dived to as low as $11.10. Then as the market started to rebound, QTUM also started to add tremendously to its dipped prices. In around 36 hours, the coin jumped from $11.15 to $21.60, this is a gain of 93 percent. However, the coin is now facing a peak resistance and is now trading around $19.30.

QTUM indicators

As the prices went bullish, technical indicators also soared. However, the pullback from the peak resistance resulted in the indicators to drop from the overbuying zone. RSI is currently around 58 percent. MACD is also stabilizing after a strong bullish run.

EOS

EOS is another bullish coin in the recovering market. The coin added 23.5 percent in the past 24 hours, but because of the heavy loss in the bearish market, still, there is a weekly depreciation of 1.5 percent. The rising prices of the coin boosted the trading volume and in the last 24 hours, it was recorded to be $741 million – a very impressive number for a coin with $4.2 billion in market capitalization.

QTUM graph

Due to the bear, EOS had two significant drops on the chart – $5.96 to $4.82 and $5.06 to $3.98. In the midweek, the coin was trying to rebound, but the presence of resistance at $5.23 checked any growth. Even after testing the resistance multiple times with support at $4.94, the coin could not breach the resistance. After hitting the pit, the coin rebounded aggressively, as it went up from $3.98 to $6.18 in less than 48 hours. Though the peak resulted in a classic pullback, the coin is still hovering around $5.64, as there is some support at $5.5.

EOS indicators

The indicators for EOS are signaling a similar narrative as QTUM. Due to the resistance on the recent chart, the indicators went down from the overselling zone. However, as there is support, RSI is again inclining upward, being at 52 percent.

Market Update

South Korea continues to make headlines in the cryptocurrency world as authorities raided and confiscated property from three cryptocurrency exchanges following a January investigation.

Coinbase has revealed that it has obtained a bank account with major U.K-based multinational financial services company, Barclays. The partnership comprises the first agreement reached between a leading U.K bank and a cryptocurrency exchange.

The Financial Stability Board, G20’s global watchdog, does not consider cryptocurrencies a risk to financial stability. In a letter to the Group of 20 central bankers and finance ministers, its Chair Mark Carney said FSB was pivoting away from designing new policies and focusing on reviewing existing rules.

Conclusion

Similar to the aftermath of every bearish dominance, this time too, the market is rebounding aggressively. This has engaged the traders to make some profit in the rebounding market, however, choosing the right coin is very crucial.

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NOTE: This article is not an investment advice. Any references to historical price movements or levels is informational and based on external analysis and we do not warranty that any such movements or levels are likely to reoccur in the future

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