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QTUM, RUNE, and DENT Price Analysis: Pullback From May 2021 Highs

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RUNE/USDT, QTUM/USDT, and DENT/USDT prices are retreating from May 2021 highs, posting deep losses on the last trading day.

ThorChain (RUNE)

The recently launched ThorChain is considered an artwork in DeFi. Its main value proposition is allowing the trustless swapping of coins without losing custody of those digital assets.

Here, a user can swap, for example, BTC for BNB and vice versa without intermediaries. The project’s primary currency is RUNE.

Accordingly, most traders expect the RUNE prices to outperform against the greenback, surging to new, possible three-digit highs by the end of the year.

As of writing on May 11, the RUNE price is down roughly six percent on the last day against the USD. At the same time, it is stable versus ETH and BTC. Its trading volumes are up to $151 million on the last trading day.

RUNE/USDT Price Forecast

RUNE Price Daily Chart for May 11

RUNE/USDT technical analysis suggests weakness in the short term.

Technically, the path of least resistance is northwards.

However, there has been a confirmed double-bar bear reversal pattern. Notably, the bear engulfing pattern is with high trading volumes indicating possible unloading at spot levels in profit-taking.

Therefore, while aggressive RUNE traders can unload on pullbacks, risk-averse traders can wait for a clear close below the middle BB—the flexible support trend line of the last few weeks.

A close below this mark may see RUNE slide to $10 in a retest.

Dent (DENT)

By using the blockchain, this digital mobile operator can offer eSIM cards with free-roaming plans. It is besides different call and data plans.

After launching in 2017, creators are ambitious and plans to expand to new markets by the end of 2021. Its native currency is DENT.

Judging from analysts, traders expect the DENT price to recover from spot rates and soar to new 2021 highs in tandem with what the project creators have in store.

Nonetheless, DENT is currently under pressure. It is down 12 percent versus USD on the last day.

DENT losses are more profound as bulls are struggling to reverse losses of late April 2021.

DENT/USDT Price Analysis

From the daily chart, DENT/USD prices are still waving inside late April 2021 losses. From an Effort-versus-Results perspective, bears are in control in the short term.

Accordingly, the DENT/USDT price must climb above the middle BB–$0.010—and $0.012—H2 April 2021 high for a buy trend continuation.

In that case, the odds of further gains towards the April 2021 highs of $0.02 will be feasible. On the more cautious angle, DENT/USDT technical analysis points to short-term weakness. The race towards Q1 2021 lows will be accelerated if DENT bears force prices below $0.005.

Qtum Blockchain (QTUM)

This is a smart contract and value transfer protocol that brings together the strengths of Bitcoin and Ethereum using the QTUM coin.

Following a 15X surge year-to-date, analysts expect the QTUM uptrend to continue for the better part of the year.

Presently, like the rest of the crypto market, QTUM is down. Sliding 14 percent on the last day, the coin is still in green over the last week of trading.

Overly, the path of least resistance remains upward provided QTUM/USDT prices are oscillating within last week’s trade range.

QTUM/USDT Technical Analysis

QTUM Price Daily Chart for May 11

From the daily chart, QTUM prices appear to be seeking equilibrium after the overvaluation of the tail-end of last week.

Preceding yesterday’s dump was long upper wicks of May 7 to May 9, all of which were above the upper BB.

Confirmation of yesterday’s losses may see QTUM/USDT prices sliding back to April 2021 highs of around $18 in a retest after the bullish breakout pattern of early this month.

On the other hand, gains above $30 may see QTUM race towards $45 in the medium-term.

Chart courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.

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Passionate about Blockchain, Crypto, Blockchain, and Bitcoin. Excited of what lies ahead. Advocating adoption. HODLer!

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