QTUM Price Shows 35% Upside Potential In Ongoing Reversal

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With a long-term consolidation in phase, the QTUM price is trapped after the bear market of 2021 and 2022. However, with the recovery trend starting in late 2023, the buyers are setting a tone for trend reversal in the weekly chart.

The bullish reversal within the range teases a potential breakout rally to release the trapped momentum within. This increases the likelihood of a bull run in 2024 in support of our QTUM price prediction. 

QTUM Price Range Brings Breakout Possibility

Source- Tradingview

Following the bear market crash in 2021 and slowing down in early 2022, the QTUM price trend takes on a lateral trend in the weekly chart. With significantly lowered volatility, the 2023 year led to a consolidation range formation.

Trading below the 50-week EMA line for the most part, the recovery reversal in late 2023 breaks the average line. This marks a potential trend reversal for the altcoin and sets a bullish tone for 2024. 

Currently, the QTUM price trades at $3.15 with a morning star pattern ready from the 50-week EMA. However, the price remains trapped under the 200-week EMA (black line) and reflects a secondary consolidation range within a larger one. 

Technical Indicators:

MACD Indicator: The MACD and signal lines are struggling to avoid a bearish crossover as the altcoin consolidates, reflecting low momentum. 

EMA: In the case of the 200-week EMA breakout, the altcoin may soon skyrocket beyond the bigger range, marking a bullish break. Moreover, this will increase the likelihood of a death crossover. 

Will This Range Breakout Start A Bull Run?

With the bullish recovery turning stagnant between the two weekly EMAs, the QTUM price prepares a bounce back with a morning star pattern. In case of increased momentum, the altcoin can reach the $4.50 mark and challenge the range breakout. Optimistically, the breakout rally will set a bullish tone to reach the $10 mark. 

On the flip side, with a reversal under a 50-week EMA, the bears may retest the $2 mark.