Quant Price Analysis: The QNT Surged 25% The Other day; Are We Entering A Recovery Phase?
In these last two and half months, the QNT coin exhausted all the gains price gathered since august. This short-term downtrend dropped the price to $145 support and currently indicates a bullish reversal from this level. Watch these technical levels that can support the new rally.
Key technical points:
- The QNT coin price reclaims the 20-day EMA
- The intraday trading volume in the QNT coin is $660.5 Million, indicating a 3.83% gain.
Source- QNT/USD chart by Tradingview
The correction phase the QNT coin began in the latter half of September and was trying hard to sustain above the crucial support of $250. However, on November 16th, the price even breached this support level, indicating a deeper correction or short-term downtrend in this coin.
The QNT coin plunged to the 0.786 Fibonacci retracement level or the $145 mark. For the past few days, the coin indicated intense demand pressure at this level with several lower price rejection candles. On December 11th, the coin shows a sudden surge of 25% in its intraday session, indicating a bullish reversal.
The coin price is trading below the crucial EMA levels(50 and 100), projecting a downtrend for its investors. However, the bulls have reclaimed the 20 EMA on its side.
The daily Relative Strength Index(52) displayed a similar recovery in its value, supporting the market buyers.
QNT/USD 4-hour Time Frame Chart
Source- QNT/USD chart by Tradingview
This new rally in the QNT coin breached some crucial resistance levels like the dynamic resistance from descending trendline and two horizontal levels of $189.5 and $216.6. However, the coin is currently in a retest phase which could even check the $189.5 mark.
The traditional pivot shows remarkable confluence with the QNT/USD chart levels. According to these pivot levels, the crypto traders can expect the nearest resistance at $248, followed by $278. As for the opposite end, the support levels are $210 and $190.
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