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The Quant(QNT) coin undermines the negative market sentiment by a perpendicular rally since last week. The altcoin has been rising for five consecutive days and registered around 42% growth. The QNT price currently trades at the $216 mark and has breached another resistance of $206.8. How far will this rally go?
Key points from Quant Coin price analysis
- The Quant price offers a decisive breakout from the $206 resistance
- A bullish crossover between the 100-and-200-day EMA should further gain for buyers
- The intraday trading volume in the Quant is $142 Million, indicating a 290% gain
Source-Tradingview
The daily time frame chart shows that the Quant coin price is rising under the influence of a rounding bottom pattern. The bullish pattern is often found at the market bottom, and in theory, its U shape reflects a complete shift in market sentiment from a prior downtrend to new recovery.
Furthermore, the ongoing recovery was initiated when the price reverted from $42.7 on June 18. Thus, the Quant coin price showed 430% growth in the last four months. Nevertheless, in recent times when most of the major cryptocurrencies are struggling with uncertainty, the Quant price is on its five-day winning streak. Moreover, the increasing volume of activity indicates strong interest from market participants, validating it is a genuine rally.
Moreover, the altcoin showed a 12% jump today and gave a massive breakout from the other resistance of $206. This breakout offers suitable footing for buyers, which should prolong this rally 10.84% higher to hit $240.
However, the Quant coin price witnessed excessive buying in such a short period, which is unhealthy and less sustainable for longer bull runs. Thus, the prices are expected to offer a correction in the near term.
Technical Indicator
Relative Strength index: the daily-RSI slope spiked into the overbought region, indicating aggressive buying and a need for a correction phase to stabilize prices.
EMAs: For a possible correction, the rising EMAs(20, 50, 100, and 200) could provide suitable support to resume prevailing recovery.
- Resistance levels- $240 and $265
- Support levels- $205 and $180
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