Rising Quant Coin Price Breaks Another Resistance; Buy Now?
Out of the top 100 cryptocurrencies listed in coinmarkcap, the QNT is one of the few coins painted in green. Moreover, the altcoin has been on a winning streak for the last seven days, registering a growth of 34%. The Quant coin price currently trades at $135.4, trying to sustain above the breached $131.5 resistance.
Key points from Quant price analysis:
- The $131.5 breakout offers a 16% growth opportunity for Quant buyers
- Overbought RSI indicates the buyers should wait for a retest or minor pullback
- The intraday trading volume in the Quant is $207.5 Million, indicating a 121% gain
Source-Tradingview
Following the August second-half correction, the Quant coin price struggled to surpass the $112.1 resistance. However, despite facing some macro market events such as the interest rate hike, the coin price managed to sustain above the $97.3 support.
As market sentiment eased, the Quant coin price replenished its bullish momentum and gave a massive breakout from the $112.1 resistance on September 24th. Moreover, the post-breakout rally extended the recovery rally 20% higher and breached the last swing high resistance of $131.5.
Reclaiming the $131.5 mark will give buyers a stiff footing to continue the forward march. However, earlier today, the Quant coin price showcased 9.56% growth, but by the press time, it had nearly evaporated due to the profit booking from short-term traders.
Thus, interested buyers should wait for the daily candle to close above $131.5 resistance before taking an entry. Anyhow, the post-breakout rally should drive the prices 16% higher to $155.
On a contrary note, if the sellers pull the Quant coin price below $131.5, the market participants may witness another minor correction.
Technical Indicator
EMAs: The rising EMAs(20, 50, and 100) accentuate strong recovery in Quant coin. Moreover, a potential bullish crossover between the 20-and-200-day EMA should accelerate bullish momentum.
RSI: The daily-RSI slope spiked(75%) into the overbought region suggests a minor correction or short consolidation above $131.5 is needed before further price growth.
- Resistance levels- $141.8 and $155
- Support levels- $131.5 and $120
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