Quant Rally Struggles At $158 Barrier Hint Potential Price Correction
The ongoing recovery in Quant price halts at the monthly resistance of $158. Furthermore, the price action wobbling at this resistance with decreasing volume action hints at exhausted bullish momentum and price reversal. The altcoin currently trades at the $155.9 mark, with an intraday gain of 1.23%.
Key points:
- The Quant price struggles to surpass the $158 supply zone
- A potential bullish crossover between the 100-and-200-day EMA should encourage buyers to extend the ongoing bull run
- The intraday trading volume in the Quant is $142 Million, indicating a 290% gain
Source-Digitalcoinprice
The QNT/USD price chart displays a high momentum bullish rally starting from the $86 mark, which reached the overhead resistance of $155. Currently, the price trend shows a rounding bottom breakout rally struggling to overcome the increased supply inflow at $155.
However, the stubborn buyers waver at this resistance and reattempts for a bullish breakout. The long-wick rejection on either side of daily candles accentuates the ongoing uncertainty in the crypto market.
Furthermore, the decreasing volume activity for the second breakout attempt within a week projects a high reversal possibility. A potential bearish reversal from this monthly resistance should trigger a significant correction. Thus, the increase in supply inflow will suppress the market value below $150 and potentially pull it to the $132 mark.
On a contrary note, the bullish reversal pattern should maintain an overall uptrend Quant price. Thus, under the influence of this pattern, the post-correction rally should bolster buyers to rechallenge the $158 resistance.
A bullish breakout from the aforementioned resistance will unleash the trapped momentum and signal a breakout entry opportunity for interested traders. Thus, an uptrend continuation to the overhead resistance of $186 is possible.
Technical Indicator
Relative Strength Index: A bearish divergence from the daily-RSI slope near overbought territory strengthens the possibility for longer correction.
EMAs: A sharp rise is crucial. EMAs(20, 50, 100, and 200) highlight an established uptrend. Moreover, these EMAs could bolster the ongoing uptrend to reach higher levels.
Quant Price Intraday Levels
- Spot rate: $155.9
- Trend: Bullish
- Volatility: medium
- Resistance levels- $158 and $186
- Support levels- $147 and $132.5
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