Quant Price Analysis- Rising QNT Price Triggers Bullish Reversal Patternadmin
Published 2 hours ago
On July 9th, the QNT price gave a decisive breakout from the seven-month-old falling wedge pattern. With the ongoing retest phase today, the buyers will validate whether the breakout is legit or not. Thus, if the price sustains the $77.5 mark, the altcoin may extend the current recovery.
- The QNT price surged 61% in less than a fortnight
- The 20-and-50-day EMA is nearing a bullish crossover
- The intraday trading volume in the Quant is $122.8 Million, indicating a 40% loss
The QNT/USDT pair reflects its ongoing downtrend within a falling pattern. The coin price lowered within this pattern for nearly seven months, preventing buyers from carrying a significant bullish recovery.
Furthermore, the bull cycle within the pattern initiated on June 17th, as the QNT price rebounded from the bottom support trendline. As a result, the bullish rally doubled the market value as it drove to the $90 mark.
Moreover, the buyers managed to breach the downsloping trendline with a long bullish candle and massive pump in volume. This breakout signals a genuine recovery opportunity for QNT holders.
Today, the coin price is down 4%, and retest the breached resistance. Furthermore, if coin buyers sustain above the trendline and $77.5 support, the intensified bullish momentum will ride 35% higher to $104.
On a contrary note, a failure to hold above the $77.5 would trigger a considerable pullback in the QNT price.
MACD indicator: the MACD and signal line entered the bullish territory with a wide gap between highlights aggressive buying of the market. Moreover, the rising green bars in the histogram chart indicate growth in bullish momentum.
Bollinger band indicator- the QNT price has pierced the indicator’s upper band suggesting a sudden rise in a short period. As a result, this extended buying bolsters consolidation or reversal theory.
- Resistance level- $90 and $104
- Support level- $77 and $63
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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