QuarkChain tops the altcoin list with a massive overnight surge leading to the $0.010 psychological mark breakout. Will $QKC sustain an uptrend this week for an extended uptrend?
As Bitcoin approaches the $70K mark, the altcoins market is red hot, with 24H massive returns. Amidst the bull run, Chinese tokens like Quarkchain have given a massive jump, leading the top-performing list in 24 hours.
Following the massive surge, will the QKC continue the bull run for a new 52W high?
Trendline Breakout For Quarkchain Eyes $0.017
With a remarkable 69% jump within 2 hours, Quarkchain marks a trend reversal opportunity with a massive surge in demand. The bull run in the QKC token ends the correction phase and accounts for a price jump of 72% in the last three weeks.
The bull run in the QKC token surpasses the 200D EMA and challenges the overhead resistance at the 50% Fibonacci level. Further, it completes a rounding bottom reversal with a neckline at $0.012.
Currently, the QKC token trades at the $0.010 mark while the buyers struggle to sustain the dominance at the psychological mark.
Coming to the technical indicators, the RSI line spikes into the overbought territory in the daily chart, reflecting a massive surge in demand. Further, a bullish crossover in the 20D and 50D EMA bolster the trend reversal.
Hourly Fibonacci Reveals Extended Uptrend Chances
In the 1H chart, the QKC token price action reveals the bullish exhaustion leading to a quick pullback. The 7.51% correction takes support at the $0.010 mark, and the 20 EMA, the underlying demand holds the price.
Multiple Doji candles are leading to a new bullish engulfing candle, and the buyers are regaining momentum. Further, the hourly RSI’s minor divergence is significantly increasing the bull run chances. As per the trend-based Fibonacci levels, the uptrend continuation in Quarkchain could hit $0.017.
As the overall market recovery picks up pace and the sudden rise in demand for Chinese tokens, the QKC token will likely continue the uptrend.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
