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Under the influence of a descending trendline, the ongoing correction has dropped Quant (QNT) price to its current price of $94.2. The multiple retests to this trendline indicate the traders are actively selling at this barrier. However, the coin price nearing strong support stretched from $87.6, and $74 offers a dip opportunity to interest buyers.
Key points:
- The 50-and-100-day EMAs are nearing a bullish crossover.
- A breakdown from the $74 mark would project weakness in bullish momentum
- The intraday trading volume in the Quant is $80.7 Million, indicating a 16.5% loss
Source-Tradingview
A rounding bottom recovery in the QNT/USDT pair showcased a 158.6% rally from the June low of $41. This run-up reached a high of $114.03, but the coin price maintains a local top at the $110 mark.
Furthermore, the QNT buyers showcased multiple failed attempts to surpass the $110 over the past two weeks, indicating the sellers are defending this level with vigor. Thus, the altcoin reverted and tumbled 18.12%, resting the combined support of $87.6 and $0.382 Fibonacci retracement level.
On July 27th, the QNT chart shows a long-tail rejection candle at the aforementioned support, indicating traders are accumulating at this discounted price. However, early today, the coin price tried to follow up on the bullish reversal, but a new resistance trendline undermined the buyers’ attempt.
If the selling pressure persists, the altcoin would be pressured to break down from the $87.6 support and extend the correction phase 13.3% lower to hit $74 support.
Conversely, a bullish breakout from the overhead trendline would provide the required signal to continue the prevailing recovery.
Technical Indicator.
EMAs: the rising 50-and-100-day EMA between the $87.6 and $74 support indicates this area as a suitable zone to resume recovery. Moreover, a potential bullish crossover between these slopes may attract more buying in the market.
MACD indicator- a recent bearish crossover among the fast and slow lines encourages the resumption of the correction rally, which may plunge the price below the $87.6 support.
- Resistance level- $96 and $110
- Support levels- $74 and $87.6
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