Published 8 hours ago
A V-shaped reversal from $96.7 support triggers a minor relief rally in Quant price. This price rally aligned with a significant volume increase, indicating the buyers are committed to reaching higher prices. However, a cluster of EMAs defending a near resistance of $130 keep the prices under correction threat.
Key points:
- The Quant price offers a decisive breakout from the $206 resistance
- A Quant price may give a bearish retest to 100-and-200-day EMA to replenish the selling momentum.
- The intraday trading volume in the Quant is $142 Million, indicating a 290% gain
Source-Tradingview
Over the last five months, while the overall crypto market was struggling through a series of high-interest rate hikes from the US Fed, the Quant price outperformed the majority of major crypto coins with a sustained uptrend.
Furthermore, the bullish rally hit a 10-month high of $226 before triggering a correction phase. Amid the recent bloodbath in the crypto market due to the FTX crypto exchange crash, the Quant price extended its pullback to $96.7.
As a result, the retracement phase registered a 57.5% loss since last month. However, with the ongoing relief rally in the crypto market, the altcoin witnessed a sharp recovery of 26.5%. Furthermore, the bullish recovery gave a massive breakout from the immediate resistance of $108.8.
This resistance breakout could offer a suitable launchpad for buyers to bolster the recovery rally higher. With sustained buying, the altcoin should rise 6.5% higher to challenge the $130 resistance. However, the $130 mark would be a crucial barrier for buyers to overcome, as it has a high possibility of resuming the prevailing downtrend.
Technical Indicator
MACD: the reducing gap between the MACD and signal line below the neutral zone suggests a weakening of bearish momentum. Moreover, a bullish crossover between these EMAs could further strengthen a bullish recovery.
EMAs: the rising prices may soon retest the recently breached 100-and-200-day EMAs located at $130 resistance. These EMAs offer an additional barrier against the Quant buyers and support the aforementioned bearish thesis.
Quant Coin Intraday Price Levels
- Spot price: $122.3
- Trend: Bullish
- Volatility: Low
- Resistance level- $130 and $0.1
- Support level- $108 and $145.5
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/can-the-fast-recovering-quant-price-surpass-the-130-mark/