Altcoins
Will QuarkChain’s Massive 70% Surge Extend to 65% This Week?
QuarkChain tops the altcoin list with a massive overnight surge leading to the psychological breakout of $0.010. Will QKC maintain an uptrend this week for an extended uptrend?
As Bitcoin As the altcoin market approaches the $70,000 mark, it is in full swing, with massive 24-hour returns. Amidst this bullish period, Chinese tokens like Quarkchain have made a massive jump, topping the list of top 24-hour performers.
After this massive surge, will QKC continue its bull run to reach a new high of 52W?
Quarkchain Trendline Breakout Targets $0.017
With a remarkable 69% jump in 2 hours, Quarkchain marks a trend reversal opportunity with a massive surge in demand. The QKC token surge ends the correction phase and represents a 72% price increase in the last three weeks.
The QKC token rally breaks above the 200D EMA and challenges the overhead resistance at the 50% Fibonacci level. Additionally, it completes a rounding bottom reversal with a neckline at $0.012.
Currently, the QKC token is trading at $0.010 as buyers struggle to maintain dominance at the psychological bar.
As for technical indicators, the RSI line is reaching the overbought territory on the daily chart, reflecting a massive increase in demand. Moreover, a bullish crossover at the 20D and 50D EMAs reinforces the trend reversal.
Hourly Fibonacci Chart Reveals Chances of Extended Uptrend
On the 1H chart, QKC token price action reveals bullish exhaustion leading to a quick pullback. The 7.51% correction takes support at $0.010 and the 20 EMA, the underlying demand, holds the price.
Multiple Doji candles lead to a new bullish engulfing candle, and buyers are regaining momentum. Moreover, the minor divergence in the hourly RSI significantly increases the chances of an uptrend. According to the trend-based Fibonacci levels, Quarkchain’s uptrend continuation could reach $0.017.
As the overall market recovery accelerates and demand for Chinese tokens suddenly increases, the QKC token is likely to continue its upward trend.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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