The latest Bitcoin (BTC) jump past $65K triggered notable upsurges in the altcoin market.
That saw Qtum (QTUM) recording impressive upticks, which saw it overpowering a falling wedge on the daily chart.
The breakout suggests a potential end of a prolonged decline, indicating an upcoming bullish wave for QTUM.
The prevailing setup points to a more than 70% increase from the current price, taking the QTUM price above the $4.5 mark.
Recent ecosystem developments and optimistic sentiments in the altcoin market support QTUM’s anticipated recovery.
June updates from the project highlight crucial progress, including the upcoming Qtum-Ethereum bridge.
The Qtum-Ethereum bridge
The bridge aims to boost DeFi and Web3 operations on the QTUM blockchain by integrating stablecoin USD Coin and ERC 20 coins.
We are working on a bridge that will allow Circle USDC and other Ethereum ERC-20 assets to be bridged to the Qtum blockchain. This will enable DeFi and other Web3 technology to operate better on Qtum, even more than before.
QTUM’s current price outlook
The altcoin traded at $2.70 during this publication, following a nearly 20% gain over the past week.
Source: Coinmarketcap
Qtum’s daily trading volume jumped 30% to $54.58 million, indicating massive user activity.
Meanwhile, broad market sentiments remain vital in shaping the altcoin’s near-term trajectory.
Bears resurface after the latest recovery, triggering a 1.07% decline in the global crypto market capitalization.
Bitcoin holds steady above $64.5K as bulls fight back, and the bellwether crypto could reclaim yesterday’s high of $65.95.
Qtum 2024 prediction
The altcoin’s current price is way far from the $92 ATH attained in 2018.
Nevertheless, that shows QTUM has immense growth potential, with movements towards the record peaks translating to massive gains.
Latest trends within the DeFi market and Ethereum-based projects have seen smart contracts flourishing.
Qtum will likely witness increased demand in the financial space. Moreover, its connection with Bitcoin means a robust performance for QTUM when BTC touches levels above $100K.
Besides offering a safe and reliable platform for smart contracts development and implementation, the QTUM blockchain provides services tailored to commercial customers.
Demand from businesses amid broad market rallies will likely propel Qtum to the $6 – $10 price range by 2024-end.
The post Qtum (QTUM) breaks out from a falling wedge pattern, signals a 70% surge appeared first on Invezz