Published 13 hours ago
The Quant(QNT) coin undermines the negative market sentiment by a perpendicular rally since last week. The altcoin has been rising for five consecutive days and registered around 42% growth. The QNT price currently trades at the $216 mark and has breached another resistance of $206.8. How far will this rally go?
Key points from Quant Coin price analysis
- The Quant price offers a decisive breakout from the $206 resistance
- A bullish crossover between the 100-and-200-day EMA should further gain for buyers
- The intraday trading volume in the Quant is $142 Million, indicating a 290% gain
Source-Tradingview
The daily time frame chart shows that the Quant coin price is rising under the influence of a rounding bottom pattern. The bullish pattern is often found at the market bottom, and in theory, its U shape reflects a complete shift in market sentiment from a prior downtrend to new recovery.
Furthermore, the ongoing recovery was initiated when the price reverted from $42.7 on June 18. Thus, the Quant coin price showed 430% growth in the last four months. Nevertheless, in recent times when most of the major cryptocurrencies are struggling with uncertainty, the Quant price is on its five-day winning streak. Moreover, the increasing volume of activity indicates strong interest from market participants, validating it is a genuine rally.
Moreover, the altcoin showed a 12% jump today and gave a massive breakout from the other resistance of $206. This breakout offers suitable footing for buyers, which should prolong this rally 10.84% higher to hit $240.
However, the Quant coin price witnessed excessive buying in such a short period, which is unhealthy and less sustainable for longer bull runs. Thus, the prices are expected to offer a correction in the near term.
Technical Indicator
Relative Strength index: the daily-RSI slope spiked into the overbought region, indicating aggressive buying and a need for a correction phase to stabilize prices.
EMAs: For a possible correction, the rising EMAs(20, 50, 100, and 200) could provide suitable support to resume prevailing recovery.
- Resistance levels- $240 and $265
- Support levels- $205 and $180
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.
Source: https://coingape.com/markets/quant-coin-outperforms-major-crypto-coins-in-last-four-months-still-good-buy/