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A V-shaped reversal from $96.7 support triggers a minor relief rally in Quant price. This price rally aligned with a significant volume increase, indicating the buyers are committed to reaching higher prices. However, a cluster of EMAs defending a near resistance of $130 keep the prices under correction threat.
Key points:
- The Quant price offers a decisive breakout from the $206 resistance
- A Quant price may give a bearish retest to 100-and-200-day EMA to replenish the selling momentum.
- The intraday trading volume in the Quant is $142 Million, indicating a 290% gain
Source-Tradingview
Over the last five months, while the overall crypto market was struggling through a series of high-interest rate hikes from the US Fed, the Quant price outperformed the majority of major crypto coins with a sustained uptrend.
Furthermore, the bullish rally hit a 10-month high of $226 before triggering a correction phase. Amid the recent bloodbath in the crypto market due to the FTX crypto exchange crash, the Quant price extended its pullback to $96.7.
As a result, the retracement phase registered a 57.5% loss since last month. However, with the ongoing relief rally in the crypto market, the altcoin witnessed a sharp recovery of 26.5%. Furthermore, the bullish recovery gave a massive breakout from the immediate resistance of $108.8.
This resistance breakout could offer a suitable launchpad for buyers to bolster the recovery rally higher. With sustained buying, the altcoin should rise 6.5% higher to challenge the $130 resistance. However, the $130 mark would be a crucial barrier for buyers to overcome, as it has a high possibility of resuming the prevailing downtrend.
Technical Indicator
MACD: the reducing gap between the MACD and signal line below the neutral zone suggests a weakening of bearish momentum. Moreover, a bullish crossover between these EMAs could further strengthen a bullish recovery.
EMAs: the rising prices may soon retest the recently breached 100-and-200-day EMAs located at $130 resistance. These EMAs offer an additional barrier against the Quant buyers and support the aforementioned bearish thesis.
Quant Coin Intraday Price Levels
- Spot price: $122.3
- Trend: Bullish
- Volatility: Low
- Resistance level- $130 and $0.1
- Support level- $108 and $145.5
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