- Qtum is losing strength and risks falling should $1.88 support be broken.
- According to analysts, falling below $1.88 may usher it below $1 pretty fast.
- Should Buyers show up, Qtum may rebound toward $3 once again.
According to crypto analyst Ali (@ali_charts), Qtum is nearing a high-impact move, with price action now perilously close to the $1.88 support level. The coin’s structure is weakening, with Qtum’s current price being seen at $2.18 after a brief bounce from $1.89. Looking at the weekly chart, Qtum has tested the horizontal support over and over again, with each failure to break higher bringing in stronger selling pressure. In the event of a drop below $1.88, the price could perish toward under $1, causing the sentiment toward the coin to shift drastically.
Qtum has been losing its overall bullishness, as the multitude of rejections at the higher levels have created a long-term descending resistance trendline. The chart displays that every single rejection from resistance resulted in a return to support , creating a tightening wedge right on the verge of collapsing. From this, the last observed price action saw the coin graze about $2.26 before falling back to $2.18 due to buyers not sustaining interest. As buyers keep continuing to lose interest, the chances of breaking below $1.88 increase day by day.
Big Level To Decide Next Move
The sentiment is divided, where some traders view the price as a last chance to accumulate, while others expect a continuation to the bearish trend. A bounce, if $1.88 holds, may target a return of Qtum to the $3.00 region and allow bulls back into control. However, should it be broken-down, sellers may push hard for a wretched befalling toward $1.00, a level not experienced for years. The downward arrow on the chart itself hints big on price capitulation in case a breakdown takes place.
Qtum faces perhaps its most critical moment in months, whereby $1.88 is the last line of defense before what could be a straight freefall. A defense of this level by buyers would at least see some short-term upside for the token, while a momentum shift favors the downside; the structure suggests fast declines toward much lower levels. Over the next few days, traders will be watching for developments in either direction, as they will be critical in determining whether Qtum remains in its range or enters an even deeper bearish cycle.
