Quant Price Bull Run Eyes A 20% Rise With This Breakout

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