The gap between legacy financial payments and the new age digital cryptocurrency payments has been shortened this week after fintech banking solution Zeux announced a partnership with QTUM cryptocurrency.
QTUM Can Now Be Spent at Apple Pay and Samsung Pay POS Terminals
The partnership between QTUM and the fintech banking app solution known as Zeux will allow all QTUM holders to spend their cryptocurrency at any Apple Pay or Samsung Pay point-of-sales terminals. This effectively reduces the friction of using cryptocurrency for real world payments.
Zeux is a London-based fintech company regulated by the FCA. It provides an app which offers users a plethora of banking tools to pay for products and services in fiat or cryptocurrency. Users pay no fees when using the app to make payments, pay for financial services, or when depositing cryptocurrency.
Zeux has officially launched its cryptocurrency product to all UK customers, and has also soft launched in Europe. QTUM holders in the U.S. may need to wait a little longer before being able to take advantage of this service.
Understandably, the partnership has the QTUM team extremely excited.
Chief Information Officer of QTUM, Miguel Palencia, believes the new partnership brings a great deal of increased utility of QTUM holders. According to Palencia, Zeux has created a seamless app that allows users to pay for products in their day-to-day lives with crypto without having to stick to a few select merchants that accept digital payments.
QTUM has surged almost 55% following the announcement of this partnership. The cryptocurrency rose from a low of $2.14 to a high around $3.91. Price action has since fallen slightly as it currently trades around the $2.50 level.
QTUM is now up by a total of 30% over the past 30 trading days. The 22-month old cryptocurrency is now ranked in 30th position as it presently holds a $222 million market cap value.
QTUM Price Analysis
Analyzing the QTUM/USD market from the daily chart above, we can see that price action had been trading just above the $2.00 handle during the start of trading in March 2019.
The partnership with Zeux caused QTUM/USD to surge higher as price action rose to create a fresh 3-month high at $3.91. However, the bullish momentum was unsustainable and price action began to fall rather quickly.
The market managed to close at resistance provided by the long-term bearish .382 Fibonacci Retracement level (drawn in red) priced at $2.74. This bearish Fibonacci Retracement level is measured from the high in October 2018 to the low of December 2018.
The market has dropped slightly from this aforementioned level of resistance, and is currently trading at the support provided by the short-term .382 Fibonacci Retracement level (drawn in green) priced at $2.52.
Where Could QTUM/USD Head Towards Next?
If the buyers can hold the support at $2.52 and begin to climb higher again, we can expect immediate resistance above to be located at the $2.74 level, followed with more resistance at $3.00.
If the bullish momentum continues to drive price action above $3.00, there is more resistance located at the bearish .5 and .618 Fibonacci Retracement levels (drawn in red) priced at $3.13 and $3.52.
Alternatively, if the sellers continue to push the market beneath the current support at $2.52, immediate support below can be located at the short-term .5 and .618 Fibonacci Retracement levels (drawn in green), priced at $2.32 and $2.12 respectively.