QRL starting its next leg?
Güncellendi
Quantum resistant ledger (QRL) is an interesting project which for a lot of people is a longterm hold. As the name implies, the developers are foccussing on establishing a fully quantum resistant cryptocurrency. At this point, this might not seem so interesting, because the era of quantum computing is yet to come. But looking a few years down the line, quantum resistance could become very important. Hence, this coin might be one of the very few that is really future-proof. So with every news item about the future of quantum computing and how it is getting closer and closer, we might see more interest in QRL as well.
Looking at the volume, we do indeed see that after the initial listing the volume died down, but has picked up somewhat during the last few months. This also caused a breakout from the yellow dotted trendline and now we have seem to have started a new upwards trend. At this point, QRL has retraced to around the 0.0618 fibonacci level and approaching the lower trendline. We might see a reversal and start of leg 3 in the coming week. The StochRSI also indicates that we could go up from here and the RSI is pointing upwards as well. The MACD looks neutral, but the lines are starting to converge. For now, I'm waiting out and will only enter the trade once all of these indicators and price are confirming an upwards move. Will keep an eye on QRL coming week.
Looking at the volume, we do indeed see that after the initial listing the volume died down, but has picked up somewhat during the last few months. This also caused a breakout from the yellow dotted trendline and now we have seem to have started a new upwards trend. At this point, QRL has retraced to around the 0.0618 fibonacci level and approaching the lower trendline. We might see a reversal and start of leg 3 in the coming week. The StochRSI also indicates that we could go up from here and the RSI is pointing upwards as well. The MACD looks neutral, but the lines are starting to converge. For now, I'm waiting out and will only enter the trade once all of these indicators and price are confirming an upwards move. Will keep an eye on QRL coming week.
Not
As most alts, QRL has suffered from the current bear market. Hence the corrective move 2 extended into a longer correction than anticipated. At this point, the dotted yellow line in the upper graph has been retested again a few times, but price did not break through. That is a good sign. Also, QRL is forming a falling wedge, which often indicates a reversal. That being said, if alts recover, QRL looks good. However, I did not update this idea earlier (or any others), since I think that the whole market is more or less in a no trading zone. To me, there is no clear direction at this point, so I'm waiting out until I see some confirmation of price movements.
Not
Strong breakout from the falling wedge.
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