NewsletterQNT Price Analysis- Volatile Price Action Needs $90 Breakout
Quant (QNT) price showed an exceptional rally within a fortnight, gaining nearly 80%. Moreover, the altcoin has recently breached the $75 resistance, providing an extra edge for bullish traders. Furthermore, if the coin price showed sustainability above the breached resistance, buyers could pierce the $91 barrier.
Key points:
- The QNT price faces high volatility between the $91 and %75 levels.
- The 20 and 50 EMA offers a bullish crossover in the daily time frame chart
- The intraday trading volume in the Quant is $122.8 Million, indicating a 40% loss
Source-Tradingview
The QNT/USDT pair resonated in a cup and handle pattern from mid-June to early July. Furthermore, on July 7th, altcoin breached the neckline of $63.7 and triggered a new recovery phase.
The post-retest rally surged the QNT price by 40% in just two days, hitting the $91 mark. Moreover, the recovery rally also breached the $75 resistance, providing a higher footing for buyers to extend this bullish rally.
Over the past three days, the QNT price has tested the breached $75 level to validate it as viable support. However, the long-wick rejection on both sides of the candles reflects uncertainty among traders.
If the buyers could sustain above the $75 flipped support, the replenished bullish momentum would propel the coin price 34.8% higher to the $105 mark.
On a contrary note, a breakdown from the mentioned support would indicate the QNT price needs a longer correction before it continues its prevailing recovery. Therefore, the expected pullback is more likely to rebound from the aligned support of $63.7 and the 0.618 Fibonacci retracement level.
Technical Indicator
ADX indicator: the ADX slope shows a sharp upturn, accentuating the rising bullish momentum.
EMAs: the recent price has breached some EMA resistances of 20, 50, and 100. Along the $75 mark, the QNT buyers struggle to sustain above the 100-day EMA. Moreover, a bullish crossover among the 20-and-50-day EMA attracts more buyers.
- Resistance level- $90 and $105
- Support level- $75 and $63
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