Published 10 mins ago
Quant (QNT) price showed an exceptional rally within a fortnight, gaining nearly 80%. Moreover, the altcoin has recently breached the $75 resistance, providing an extra edge for bullish traders. Furthermore, if the coin price showed sustainability above the breached resistance, buyers could pierce the $91 barrier.
Key points:
- The QNT price faces high volatility between the $91 and %75 levels.
- The 20 and 50 EMA offers a bullish crossover in the daily time frame chart
- The intraday trading volume in the Quant is $122.8 Million, indicating a 40% loss
Source-Tradingview
The QNT/USDT pair resonated in a cup and handle pattern from mid-June to early July. Furthermore, on July 7th, altcoin breached the neckline of $63.7 and triggered a new recovery phase.
The post-retest rally surged the QNT price by 40% in just two days, hitting the $91 mark. Moreover, the recovery rally also breached the $75 resistance, providing a higher footing for buyers to extend this bullish rally.
Over the past three days, the QNT price has tested the breached $75 level to validate it as viable support. However, the long-wick rejection on both sides of the candles reflects uncertainty among traders.
If the buyers could sustain above the $75 flipped support, the replenished bullish momentum would propel the coin price 34.8% higher to the $105 mark.
On a contrary note, a breakdown from the mentioned support would indicate the QNT price needs a longer correction before it continues its prevailing recovery. Therefore, the expected pullback is more likely to rebound from the aligned support of $63.7 and the 0.618 Fibonacci retracement level.
Technical Indicator
ADX indicator: the ADX slope shows a sharp upturn, accentuating the rising bullish momentum.
EMAs: the recent price has breached some EMA resistances of 20, 50, and 100. Along the $75 mark, the QNT buyers struggle to sustain above the 100-day EMA. Moreover, a bullish crossover among the 20-and-50-day EMA attracts more buyers.
- Resistance level- $90 and $105
- Support level- $75 and $63
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/qnt-price-analysis-volatile-price-action-needs-90-breakout/