IOTA, Qtum, Huobi Token prep themselves for major rally

By April 3, 2020Altcoins
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Several altcoins have been trending downwards since 7 March, with many of these alts breaching major supports post the market crash on 12 March. However, these altcoins were able to maintain stable support, at the time of writing. Although short-term downward breakouts were seen, IOTA, Qtum, and Huobi Token, among all others, seemed to be racing for a bullish run in the market.

IOTA

Source: IOTA/USD, TradingView

IOTA, the 24th ranked coin on CoinMarketCap, recorded a 60% drop in its price on 7 March. However, it has since been quite stable, especially since 19 March. It maintained its support at $0.13.

Further, the attached chart highlighted the formation of a symmetrical triangle, hinting at a 60% bullish breakout. This was further confirmed by the CMF indicator, which, at the time of writing, lay above the zero line.

Resistance:$0.15, $0.16, $0.2, 40.28
Support: $0.13, $0.118, $0.110, $0.09

Press time price: $0.15
Market Cap: $412,693,000
24-hour Trading Volume: $10,311,017

Huobi Token

Source: Huobi Token/USD, TradingView

Similarly, Huobi Token had also trended downwards since 7 March. Following the 41% drop on 12 March, the coin rose up by 29%, with the token maintaining its support at $3.12 for over a week now. Additionally, the widening Bollinger Bands signaled higher volatility in the near future.

Resistance: $3.51, $4.13, $4.79
Support: $3.12, $2.96, $2.6, $2.37

Press time price: $3.5
Market Cap: $780,932,365
24-hour Trading Volume: $164,191,860

Qtum

Source: Qtum/USD, TradingView

Qtum has not been fluctuating too much lately, with the token maintaining its support at $1.11 since 17 March. Additionally, there have been talks recently about the crypto-exchange Coincheck adding Qtum on the platform soon.

As can be seen in the attached chart, there was a potential ascending triangle pattern being formed, indicating an upward breakout. The MACD indicator also revealed a potential bullish crossover, confirming the upward breakout.

Resistance: $1.6, $1.9
Support: $1.31, $1.1, $1.02, $0.95

Press time price: $1.31
Market Cap: $120,902,410
24- hour Trading Volume: $379,591,937

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