MEXCQuant Price Analysis- Rising QNT Price Triggers Bullish Reversal Pattern
On July 9th, the QNT price gave a decisive breakout from the seven-month-old falling wedge pattern. With the ongoing retest phase today, the buyers will validate whether the breakout is legit or not. Thus, if the price sustains the $77.5 mark, the altcoin may extend the current recovery.
Key points:
- The QNT price surged 61% in less than a fortnight
- The 20-and-50-day EMA is nearing a bullish crossover
- The intraday trading volume in the Quant is $122.8 Million, indicating a 40% loss
Source-Tradingview
The QNT/USDT pair reflects its ongoing downtrend within a falling pattern. The coin price lowered within this pattern for nearly seven months, preventing buyers from carrying a significant bullish recovery.
Furthermore, the bull cycle within the pattern initiated on June 17th, as the QNT price rebounded from the bottom support trendline. As a result, the bullish rally doubled the market value as it drove to the $90 mark.
Moreover, the buyers managed to breach the downsloping trendline with a long bullish candle and massive pump in volume. This breakout signals a genuine recovery opportunity for QNT holders.
Today, the coin price is down 4%, and retest the breached resistance. Furthermore, if coin buyers sustain above the trendline and $77.5 support, the intensified bullish momentum will ride 35% higher to $104.
On a contrary note, a failure to hold above the $77.5 would trigger a considerable pullback in the QNT price.
Technical Indicator.
MACD indicator: the MACD and signal line entered the bullish territory with a wide gap between highlights aggressive buying of the market. Moreover, the rising green bars in the histogram chart indicate growth in bullish momentum.
Bollinger band indicator- the QNT price has pierced the indicator’s upper band suggesting a sudden rise in a short period. As a result, this extended buying bolsters consolidation or reversal theory.
- Resistance level- $90 and $104
- Support level- $77 and $63
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