Was 38.2% Retracement Enough To Resume QNT Recovery?
During the previous retracement, which took place around July’s fourth week, the Quant (QNT) price retraced 38.2% and bolstered the recovery rally to reach the $132.84 mark. Furthermore, the recent correction tumbled the prices by the same 38.2% and showed some recovery signs at this support. However, the buyers need better confirmation to continue the prevailing bull run.
Key points from QNT analysis:
- The QNT price is resonating in a no-trading zone.
- The buyers failed to sustain prices above the 200-day EMA
- The intraday trading volume in the Quant is $34. Million, indicating a 27.5% loss
Source-Tradingview
The QNT/USDT pair recovery initiated from the $41.16 surged the prices 235.6% higher to hit the $132.84 mark. During this run-up, the altcoin showed several pullbacks, replenishing the bullish momentum for further gains.
Similarly, amid the recent market correction, the QNT price turned down from the $132.8 resistance and triggered another bearish pullback. This retracement tumbled the market value by 26.6% and plugged to the combined support of 0.382 Fibonacci retracement level and the $100.
Furthermore, the QNT price rose for the next two days and registered a 13% jump. However, the buyers struggle to surpass the immediate resistance of $112. As a result, the altcoin is down 3.88% today, trading at $106.7.
Thus, the price range between $112 and $106.7 can be considered a no-trading zone. A breakout from either side will give a better confirmation for respective direction moves.
Therefore, if the price breaches the $112 resistance, it would indicate buyers are ready to resume the price recovery and allow them to challenge the prior swing high of $133.7.
On a contrary note, if the coin holders lose $106.7 support, it would mean there’s more to a price correction, which may target the 50% retracement level at $87.
Technical Indicator
EMA’s: the 100-and-200-day EMAs accentuate the range as they are moving close to the $106.7 and $112 levels, respectively. Thus, these EMAs give additional confirmation for a potential breakout.
RSI indicator: The daily-RSI slope nosedive below the neutral line indicates a switch in traders’ sentiment. Furthermore, this slope showing sustainability below the midline supports the correction theory
- Resistance levels- $96 and $110
- Support levels- $74 and $87.6
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