Emerging Patterns May Push QNT Price To $156, But What Next?
Published 4 hours ago
The QNT price showed a sharp trend reversal as it bounced back from the $42.5 support on June 18th. Thus, the V-shaped recovery displayed a steady march towards the north, gaining 212% within the past two months. Furthermore, under the influence of an inverted head and shoulder pattern, the altcoin should surpass the $156 mark.
Key points from QNT analysis:
- The QNT price has been discounted 15% in the last four days
- The 200-day EMA flipped into a viable support
- The intraday trading volume in the Quant is $473.8 Million, indicating a 32% gain
The QNT/USD price chart displays a V-shaped reversal in the daily chart, preparing a rounding bottom pattern with the neckline at the $156 mark. The recent bullish reversal from the $42.5 mark accounts for a price jump of 161% over the last two months.
The QNT price is currently trading at $111.5, while earlier today, it retested the recently breached resistance of $110. Moreover, the 200-day EMA aligned with this resistance flipped into viable support and assisted buyers in sustaining this breakout.
The post-correction rally may surpass the prior swing high of $131.6 and lead the coin price to 40% higher to hit $156.
Due to the high supply pressure at the $156 supply zone, the price action hints at the possibility of a bearish retracement retesting the $100 mark. However, this retracement reveals the potential of an inverted head and shoulders pattern if the buyers retain the trend control.
The bullish patterns’ neckline coincides with the supply zone, so the bullish breakout of $156 will be a crucial entry spot for sidelined buyers.
The QNT market price can rise to the psychological mark of $200 if the prolonged uptrend sustains above the supply zone. Furthermore, the bullish trend in continuation above the psychological mark of $200 can test the $250 horizontal level.
DMI: the DI lines avoid a bearish crossover after the recent drop in the Bullish gap, reflecting the buyers reclaiming the trend momentum. However, the ADX line maintains a sideways trend projecting a saturation in the overall trend momentum.
RSI indicator- The daily-RSI slope displays a double top reversal testing the halfway line after breaking below the 14-day SMA. Hence the technical indicator maintains a bearish bias, opposing the bullish price action analysis.
- Resistance levels- $96 and $110
- Support levels- $74 and $87.6
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.