The Qubic price has plunged 9% over the last 24 hours to trade at $0.05192 as of 5:00 p.m. EST.
Qubic Price Review: Where is QUBIC Headed?
Analysing Qubic price charts, we see that the Qubic price recently experienced a sharp spike towards the upper band around the 22nd of July, followed by a correction back towards the middle band.
The price is currently hovering near the middle band. Before the spike, the bands were relatively narrow, indicating a period of low volatility. The subsequent expansion and price breakout suggest increased volatility.
The middle band of the Bollinger Bands serves as the 20-period SMA. The Qubic price has been oscillating around this SMA, indicating it is a critical support/resistance level.
4-hour QUBIC/USDT Chart | Source: TradingView
On the other hand, we see that the Woodies Commodity Channel Index (CCI) indicator is shown below the main chart with a short-term (6-period) and a long-term (14-period) CCI. The CCI(14) is at -52.68, and the CCI(6) is at -18.41.
Both values being negative suggests the asset is currently in a bearish trend. It shows a peak around the 22nd of July, aligning with the price spike. The indicator has been trending downward since, reflecting the price correction.
The lower Bollinger Band around 0.000001566 seems to be a significant support level, as the price rebounded from this level previously. Additionally, the upper Bollinger Band around 0.000002126 is the key resistance, which the price struggled to break above during the recent spike.
The Qubic price is in a consolidation phase after the recent spike and subsequent correction. The overall trend appears to be bearish as the price is consistently making lower highs and lower lows.
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