Altcoin
Will QuarkChain’s Massive 70% Surge Extend to 65% This Week?
QuarkChain tops the altcoin list with a massive overnight rally that broke out of the psychological $0.010 limit. Will $QKC maintain an uptrend this week for an extended uptrend?
AS Bitcoin As it approaches the $70K mark, the altcoin market is red hot, with massive returns in 24 hours. Amid the bull run, Chinese tokens like Quarkchain have made a huge jump, leading the list of top performers in 24 hours.
After the huge surge, will QKC continue its bull run towards a new high of 52W?
Quarkchain Trendline Breakout Points to $0.017
With a remarkable 69% jump in 2 hours, Quarkchain marks a trend reversal opportunity with a massive surge in demand. The bull run of QKC token concludes the correction phase and represents a 72% price jump in the last three weeks.
The bull run in QKC token breaks above the 200-day EMA and challenges the overhead resistance at the 50% Fibonacci level. It also completes a reversal of the rounding bottom with a neckline at $0.012.
Currently, the QKC token is trading at $0.010 as buyers struggle to maintain their dominance at the psychological level.
Turning to technical indicators, the RSI line reaches the overbought territory on the daily chart, reflecting a massive surge in demand. Furthermore, a bullish crossover at the 20-day and 50-day EMA reinforces the trend reversal.
Hourly Fibonacci Reveals Extended Uptrend Possibilities
On the 1H chart, QKC token price action reveals bullish exhaustion leading to a quick pullback. 7.51% correction takes support at $0.010 mark and 20 EMA, underlying demand holds the price.
Multiple Doji candles are leading to a new bullish engulfing candle and buyers are regaining momentum. Also, the small divergence in the hourly RSI is significantly increasing the chances of a bull run. Based on trend-based Fibonacci levels, the continuation of the uptrend in Quarkchain could reach $0.017.
With the acceleration of the overall market recovery and the sudden increase in demand for Chinese tokens, QKC token is likely to continue its uptrend.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the personal views of the author and do not reflect the views of The Crypto Basic. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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