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Qtum [QTUM] goes berserk and propels by 55% in the past 24 hours

Himanshu Kumar

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QTUM zooms by 55% in the past 24 hours
Source: Pixabay

QTUM is the only virtual currency in the Top 100 tokens to show a gain of 55%. Just two days ago on the 18th of March, QTUM was trading at $10.7 to a token and today it at press time was trading at $20.4 to a token.

With a market cap of $1.5 billion it is currently ranked 18th on coinmarketcap and if this growth continues could topple Vechain and Lisk soon.

Many from the community called it another “pump and dump” but with a huge trading volume of $612 million this past 24 hours, analysts say that this could be a combination of the rising interest in QTUM’s project coupled with investors shifting their assets from other cryptos to QTUM for better stability of gain.

QTUM's jump on the 4-hour chart

QTUM’s jump on the 4-hour chart

Qtum is a decentralized blockchain platform which merges the magic of Bitcoin with the endless possibilities of Smart Contracts with a primary focus on providing business-oriented decentralized applications.

Almost 46% of the last 24-hour volume (which is ~300 million dollars) came from South Korean exchanges Bithumb and Upbit. This was followed by Binance at 17% which offers BNB, BTC and ETH pairing for QTUM.

Yesterday’s Sentiment Analysis had revealed a change in emotions and belief in the crypto market. A majority of the respondents believed that yesterday’s gain was symbolic of a possible bull run and today’s day was critical to see if the markets continue in the green.

Patrick Dai, the founder of QTUM had tweeted earlier this month,

“Had few top meetings with regulators in china, we will keep working hard to make Qtum be one of the top blockchain platform in 2018!”

A week ago, QTUM commented on the result of the meeting and how China is now viewing cryptos,

“It was positive. China isn’t anti-crypto, things got out of control last year with thousands of scam ICO’s. They’re trying to find the right balance between regulation, and retaining #blockchain talent. No project ‘partners’ with the gov’t, they’re just monitoring the industry.”

Milton Johnson, a veteran day trader and a cryptocurrency investor says,

“I think in the past 2 hours we have seen a slight pullback in QTUM prices, definitely feels temporary with this sudden burst. Nothing monumental pushing the prices up. Never invest in the top”

Adam Malloy, a Financial Advisor from Chicago says,

“If QTUM with nothing to show for can do this in 48 hours, imagine what Tron, Stellar, Cardano, Ripple and others who have been in the news over the past few months for good reasons can do. Just goes to show how volatile cryptos are. It also shows why there is a big “HODLing” momentum”



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Himanshu Kumar is part of the Editorial Team at AMBCrypto. He dropped his Engineering studies to pursue his passion in the research of Artificial Intelligence and Blockchain. He has an extensive three-year developer and editorial background in the space of cryptocurrencies. He currently does not hold any value or sentiment with any cryptocurrency or its projects.

Altcoins

Litecoin [LTC] Technical Analysis: Bearish market ensues as sideways movement persists

Namrata Shukla

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Litecoin [LTC] Technical Analysis: Bearish market ensues as sideways movement continues
Source: Pixabay

Litecoin [LTC], the ninth-largest coin on the CoinMarketCap list, has been under the attack of the bear for the past few weeks. With the market being constantly attacked by the bear, the coins don’t seem to have a safe haven.

According to CoinMarketCap, the coin was trading at $24.41 with a market cap $1.45 billion. The coin registered a 24-hour trade volume of $388 million, however, the coin plunged by 1.19% over the past seven days.

1-hour

Source: Trading view

Source: Trading view

According to the one-hour chart, the coin registered a downtrend from $31.68 to $23.69. The coin also noted a minimal uptrend from $23.30 to $25.14. There was an immediate resistance provided at $24.24 and a support at $22.77, which increased by $22.96.

Awesome Oscillator indicates a bullish market, but with a fading momentum.

MACD line is seen over the signal line, marking a bullish market.

Relative Strength Index indicates that the buying and selling pressure are evening each other out.

1-day

Source: Trading view

Source: Trading view

The one-day chart of the coin indicated a downtrend from $82.22 to $55.88 which further extends to $33.34. However, no significant uptrend was noticed. There was a strong resistance seen at $55.88 and a strong support was provided at $23.91.

Bollinger Bands appear to diverge, meaning the price volatility will increase. The moving average line appears to be above the candlesticks, indicating a bearish market.

Parabolic SAR too, marks a bearish market as the marker lines are above the candles.

Chaikin Money Flow is in line with other indicators in pointing towards a bearish trend.

Conclusion

According to indicators Bollinger bands and CMF, the bear has a firm hold on the market. However, with the constant rise and falls in the market, this could change anytime.

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Altcoins

Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency fails to climb on the bull after price stays locked down

Akash Anand

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Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency fails to climb the bull after price stay locked down
Source: Unsplash

The cryptocurrency market’s bearish woes do not seem to have waned with several popular coins seeing a continuous price downturn. Bitcoin [BTC], XRP, and Ethereum [ETH] have only enjoyed sporadic bullish spikes with a definite control being exerted by the bear.

1-hour

The one-hour BTC chart shows the gradual drop in prices. The support has been holding at $3214.17 while the resistance is maintained at $4160.21. The recent downtrend took the prices down from $3558.58 to $3367.97.

The Relative Strength Index shows a slight spike towards the overbought zone. This means that the buying pressure is increasing slightly more than the selling pressure.

The Bollinger band shows a clear divergence with the upper band and the lower band indicating an imminent sideways price movement.

The Parabolic SAR has been predominantly bearish with the markers staying above the markers. At the time, the SAR indicators were below the price candles which is a bullish sign.

1-day

The one-day chart for Bitcoin does not paint a better picture for the cryptocurrency with no uptrends in sight. The long-term support has been holding at3346.6 while the recent downtrend saw the price fall from $6262.97 to $3408.

The MACD indicator shows the MACD line and the signal line moving as a conjoined pair. Other than the bearish dip, the MACD histogram has been undergoing a lull.

The Chaikin Money Flow indicator is just below the zero line, which is a sign of the money flowing out of the market being more than the money coming into the market.

Conclusion

The above-mentioned indicators all point to an extended bear run with the prices still being clamped below the $4000 mark. With the year coming to a close, the predicted bull run does not seem to be occurring anytime soon.

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