QTUM, LIT & REN: Technical Evaluation For March 9



A glance into the present and potential value actions of QTUM, LIT & REN.

QTUM has damaged out from a descending resistance line. Nonetheless, it’s going through resistance at $5.65.

LIT has damaged out from a descending resistance line. Nevertheless, it was rejected by a horizontal resistance space afterwards.

REN is going through short-term resistance at $1.25. It’s doubtlessly buying and selling inside a parallel channel.

Qtum (QTUM)

On Feb. 21, QTUM dropped sharply after attaining a excessive of $8.85.  It reached a low of $4.24 two days later and bounced. It has been transferring upwards since.

The bounce occurred proper on the 0.618 Fib retracement of your entire upward transfer (white). It created an extended decrease wick, an indication of shopping for strain. Afterward, QTUM broke out from a descending resistance line.

Technical indicators are bullish. The MACD has given a bullish reversal sign. The RSI has damaged out above 50.

Nevertheless, whereas the Stochastic oscillator is popping upwards, it has but to make a bullish cross. The three earlier crosses led to vital upward actions (proven with the inexperienced arrow within the picture beneath).

The closest resistance space is discovered at $6.56 (black), simply above the present value, adopted by the February highs at $8.77. If a breakout have been to happen, a possible goal for the highest of the motion is discovered at $11.63, utilizing an exterior retracement (orange) on the latest lower. 

Highlights

  • QTUM has damaged out from a descending resistance line.
  • It’s going through resistance at $6.56.

Litentry (LIT)

LIT has been reducing since reaching an all-time excessive value of $14.78 on Feb. 16. The lower stopped as soon as LIT reached the 0.618 Fib retracement stage at $5.84 on Feb. 23. It has been growing since. 

On March 2, LIT broke out from a descending resistance line. Nevertheless, it was rejected by the $10 resistance space on March 8. 

Whereas technical indicators are bullish, each the RSI & MACD are exhibiting weak spot.

A more in-depth take a look at the motion reveals that LIT is buying and selling inside a parallel ascending channel.

Motion contained inside parallel traces is commonly corrective. Moreover, the resistance line of the channel coincides with the beforehand outlined resistance at $10. 

Subsequently, till LIT manages to interrupt it, we can’t contemplate the development bullish.

Highlights

  • LIT has damaged out from a descending resistance line.
  • It’s going through resistance at $10.

Ren (REN)

From Feb. 20 to Feb. 23, REN dropped from a excessive of $1.84 to a low of $0.88. This measured a lower of 52%. 

Whereas REN has been growing for the reason that upward transfer has been weak. REN has but to maneuver above the 0.382 Fib retracement stage of the latest lower at $1.25. having been rejected twice.

Moreover, REN is doubtlessly buying and selling inside an ascending parallel channel. If the channel is confirmed, it could imply that that is seemingly a corrective construction, from which it could anticipate a breakdown.

Highlights

  • REN is going through resistance at $1.25.
  • It’s doubtlessly buying and selling inside a parallel ascending channel.

For BeInCrypto’s newest Bitcoin (BTC) evaluation, click on right here.

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