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An inverted head and shoulder pattern has set the Quant price on a bullish course. Under the pattern’s influence, the altcoin has shown phenomenal growth since last while most major cryptocurrencies struggled to hold their ground. The bull run now retests a multiple-month resistance at $160, preparing for another bullish breakout.
Key points:
- A daily candle closing above $160 is needed to confirm a breakout opportunity.
- The reversal from $160 may trigger an occasional correction phase
- The intraday trading volume in the Quant is $142 Million, indicating a 290% gain
Source-Tradingview
The Quant price chart highlights a bullish rally starting from the $86 mark accounting for a 78% jump since last month. Currently, the price trend signifies a power struggle at the $160 supply zone as the bears attempt to contain inflation.
On deeper analysis, the price trend displays an inverted head and shoulder pattern with a tilted neckline, marked out in the technical chart. The ongoing uptrend finds a boost in bullish momentum upon a retest of the patterns’ breakout.
The spike in the intraday volume supports the 10% jump in the last two days, creating bullish engulfing candles to challenge the $155 supply zone.
A breakout of the resistance zone will signal a breakout entry opportunity for sideline traders. Moreover, an uptrend continuation to the overhead resistance of $188 is possible.
On the other hand, a bullish failure will lead to a trend reversal, where the market participants may witness a minor correction to the $132 mark.
Technical Indicator.
RSI indicator: The daily-RSI slope(74%) attempts to enter the overbought region indicate aggressive buying from the traders. However, the indicator above 80% usually calls for a price correction.
EMAs: the Quant price trading above the crucial EMAs(20, 50, 100, and 200) accentuates a bullish trend. Moreover, a potential bullish crossover between the 100-and-200-day EMA gives additional confirmation to prolong recovery.
Quant Price Intraday Levels
- Spot rate: $157.7
- Trend: Bullish
- Volatility: Low
- Resistance levels- $160 and $188.8
- Support levels- $141 and $130
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