QTUM, LIT & REN: Technical Analysis For March 9
3 min readA look into the current and potential price movements of QTUM, LIT & REN.
QTUM has broken out from a descending resistance line. Still, it is facing resistance at $5.65.
LIT has broken out from a descending resistance line. However, it was rejected by a horizontal resistance area afterwards.
REN is facing short-term resistance at $1.25. It is potentially trading inside a parallel channel.
Qtum (QTUM)
On Feb. 21, QTUM dropped sharply after attaining a high of $8.85. It reached a low of $4.24 two days later and bounced. It has been moving upwards since.
The bounce occurred right at the 0.618 Fib retracement of the entire upward move (white). It created a long lower wick, a sign of buying pressure. Afterward, QTUM broke out from a descending resistance line.
Technical indicators are bullish. The MACD has given a bullish reversal signal. The RSI has broken out above 50.
However, while the Stochastic oscillator is turning upwards, it has yet to make a bullish cross. The three previous crosses led to significant upward movements (shown with the green arrow in the image below).
The closest resistance area is found at $6.56 (black), just above the current price, followed by the February highs at $8.77. If a breakout were to occur, a potential target for the top of the movement is found at $11.63, using an external retracement (orange) on the most recent decrease.
Highlights
- QTUM has broken out from a descending resistance line.
- It is facing resistance at $6.56.
Litentry (LIT)
LIT has been decreasing since reaching an all-time high price of $14.78 on Feb. 16. The decrease stopped once LIT reached the 0.618 Fib retracement level at $5.84 on Feb. 23. It has been increasing since.
On March 2, LIT broke out from a descending resistance line. However, it was rejected by the $10 resistance area on March 8.
While technical indicators are bullish, both the RSI & MACD are showing weakness.
A closer look at the movement shows that LIT is trading inside a parallel ascending channel.
Movement contained inside parallel lines is often corrective. Furthermore, the resistance line of the channel coincides with the previously outlined resistance at $10.
Therefore, until LIT manages to break it, we cannot consider the trend bullish.
Highlights
- LIT has broken out from a descending resistance line.
- It is facing resistance at $10.
Ren (REN)
From Feb. 20 to Feb. 23, REN dropped from a high of $1.84 to a low of $0.88. This measured a decrease of 52%.
While REN has been increasing since the upward move has been weak. REN has yet to move above the 0.382 Fib retracement level of the most recent decrease at $1.25. having been rejected twice.
Furthermore, REN is potentially trading inside an ascending parallel channel. If the channel is confirmed, it would mean that this is likely a corrective structure, from which it would expect a breakdown.
Highlights
- REN is facing resistance at $1.25.
- It is potentially trading inside a parallel ascending channel.
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