Quant Rally Struggles At $158 Barrier Hint Potential Price Correction

Low volume retest to the $158 resistance could encourage a price action in Quant price; How far can an expected price correction reach?
By Brian Bollinger
Updated October 15, 2022
QNT

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%. 

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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 

TradingView ChartSource-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. 

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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.

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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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Brian Bollinger
From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com
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