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Quantstamp is creating a decentralized protocol to provide auditing for smart contracts based on the Ethereum network. Basically QSP team gives developers an option to check security of the smart contracts, thus reducing or preventing the vulnerability. In exchange for these services, auditors will receive QSP tokens. The main point of Quanstamp is decentralize the auditing process, making it much cheaper and faster.
Based on our previous ETH/BTC idea, as the support is holding, the Ethereum price could have bottomed out already
This certainly would help the Quantstamp, making it more attractive for investors. It seems that this tendency has already started, as today price has risen by over 50%. Such a massive gain in a very short time certainly deserves the attention.
In fact, Quanstamp is one of the best performing tokens today out of the top 300 coins in the CoinMarketCap. The rise has started today from the 540 sats level, and in just 11 hours QSP was trading at 818 satoshis, where it topped out.
The 4h closing price was just below the 38.2% Fibonacci retracement level, thus, it is reasonable to say that the Fib resistance level was rejected. This could provoke QSP traders, especially those who trade short term, to fix the profit and wait for a better price to re-buy the token.
In that case, QSP value is likely to drop against the Bitcoin, as the correction will take place. Price can drop down to one of the support levels, either 23.6% Fibs at 626 or the 550 satoshis, where highest trade volume has been recorded recently. Therefore, a consolidation period is something to expect in the near future.
Nevertheless, the upside momentum is strong and if there will be a break and close above today’s high, QSP might show even more gains. If/when the breakout occurs, price might towards 890, 1000, 1095 or 1175 satoshis resistance levels.
All-in-all, the volatility should continue and buyers could become very active near the 550-650 satoshis area. Buying QSP now, could be a risky move, perhaps a good approach is to wait for a breakout above or a confirmed bounce off the support.
Support:
- 0.00000626
- 0.00000550
Resistance:
- 0.00000772
- 0.00000890
- 0.00001008
- 0.00001095
- 0.00001176
Disclaimer: This report is originally posted on TradingView and is for educational and informational purpose only. This post does not constitute an endorsement, recommendation, or offer to sell. Please be guided accordingly.
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