Published 9 seconds ago
An inverted head and shoulder pattern has set the Quant price on a bullish course. Under the pattern’s influence, the altcoin has shown phenomenal growth since last while most major cryptocurrencies struggled to hold their ground. The bull run now retests a multiple-month resistance at $160, preparing for another bullish breakout.
Key points:
- A daily candle closing above $160 is needed to confirm a breakout opportunity.
- The reversal from $160 may trigger an occasional correction phase
- The intraday trading volume in the Quant is $142 Million, indicating a 290% gain
Source-Tradingview
The Quant price chart highlights a bullish rally starting from the $86 mark accounting for a 78% jump since last month. Currently, the price trend signifies a power struggle at the $160 supply zone as the bears attempt to contain inflation.
On deeper analysis, the price trend displays an inverted head and shoulder pattern with a tilted neckline, marked out in the technical chart. The ongoing uptrend finds a boost in bullish momentum upon a retest of the patterns’ breakout.
The spike in the intraday volume supports the 10% jump in the last two days, creating bullish engulfing candles to challenge the $155 supply zone.
A breakout of the resistance zone will signal a breakout entry opportunity for sideline traders. Moreover, an uptrend continuation to the overhead resistance of $188 is possible.
On the other hand, a bullish failure will lead to a trend reversal, where the market participants may witness a minor correction to the $132 mark.
Technical Indicator.
RSI indicator: The daily-RSI slope(74%) attempts to enter the overbought region indicate aggressive buying from the traders. However, the indicator above 80% usually calls for a price correction.
EMAs: the Quant price trading above the crucial EMAs(20, 50, 100, and 200) accentuates a bullish trend. Moreover, a potential bullish crossover between the 100-and-200-day EMA gives additional confirmation to prolong recovery.
Quant Price Intraday Levels
- Spot rate: $157.7
- Trend: Bullish
- Volatility: Low
- Resistance levels- $160 and $188.8
- Support levels- $141 and $130
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-price-bull-run-eyes-a-20-rise-with-this-breakout/