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The QNT price showed a sharp trend reversal as it bounced back from the $90 mark to retest the broken zone at $100. The bullish engulfing candlestick in the daily chart lights a hope of buying spot for sideline traders. So, should you consider buying at the current prices in hopes of a bullish breakout?
Key points of QNT Analysis:
- The price action displays the lower low trend formation.
- The 20-day EMA provides a dynamic resistance in the daily chart.
- The intraday trading volume in the Quant is $32 Million, indicating a 6% gain.
Source-Tradingview
The QNT/USD price chart shows a downtrend after the bullish failure to cross the $130 mark. The lower low formation in the daily chart leads to the generation of a resistance trendline which keeps the bullish growth in check.
The market value spikes 8.50% in the last 24 hours leading to a morning shop at information near the $90 mark. The bullish reversal retests the broken supply zone at the $100 mark and challenges the sellers at the resistance trendline.
The intraday trading volume fails to support the bullish candle formation, which increases the possibility of higher price rejection.
However, if the prices break above the resistance trendline, a bullish trend continuation to the overhead resistance of $130 is possible.
On the other hand, a very strange continuation with higher price rejection can lead to the fallout of the $87 support level.
Technical Indicator.
DMI: the DI lines maintain a choppy sideways movement but the recent decline in the bearish gap projects the possibility of a bullish crossover.
RSI indicator- The daily-RSI slope makes the price action analysis and shows a bullish reversal in the nearly oversold zone challenging the 14 days average line. Hence the indicators reflect an increase in the underlying bullishness.
- Resistance levels- $100 and $130
- Support levels- $90 and $75
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