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QNT Price Analysis – Reversal Pattern The next target for QNT price is $156 . sets on - India Blogger

The recent V-shaped recovery in QNT price from the $87.5 support formed the handle portion of the Cup and Handle pattern. This bullish reversal pattern is showing its neckline resistance at the $110 mark. Today’s decisive breakout supported by a strong volume spike calls for a recovery rally to go further.

key points:

  • $132 Supply Zone Could Stop a Possible Rally for QNT
  • Coin buyers reach 200-day EMA
  • Quant has intraday trading volume of $76.2 million, representing a loss of 196.2%

Source-tradingview

The parabolic rally in the first half of July has completely offset the May-June decline as prices hit the $110 resistance on July 15. As a result, the QNT/USDT pair has gained 167.3% in just one month.

Later, the coin chart saw several higher price rejection candles at the $110 resistance level, indicating profit-booking from short-term traders. Therefore, selling pressure triggered a minor pullback and pushed the price down by 20% before retesting the $110 barrier.

However, this slight decrease shifted the QNT price to a cup and handle pattern. Today, the price of the coin saw a significant influx and rose 13.4 percent to reach $112. As a result, buyers experienced a massive breakout from the $110 neckline resistance.

This bullish breakout triggers the Cup and Handle pattern to reinforce further price recovery. Furthermore, closing a candle above this level would allow buyers to test this broken level for a suitable move.

If QNT price shows stability above the $110 level, a potential rally should break the $132 resistance area and reach the $155 mark with a rise of 27.5%.

technical indicators

EMA: Important EMAs (20, 50, 100, and 200) give two bullish signals, i.e., a bullish crossover of the 50- and 100-day EMAs and a price breakout from the 200-day EMA spread to give additional confirmation for $110. .

RSI Indicator: The daily-RSI slope jumps above the 70% mark and indicates a strong bullish trend. However, the indicator near the overbought zone could threaten a minor correction.

  • Resistance Levels – $96 and $110
  • Support Levels – $74 and $87.6

I am working in journalism since last 5 years. I follow Blockchain and Cryptocurrency for the past 3 years. I have written on a variety of topics including fashion, beauty, entertainment and finance. raech out me at brian (at) coingape.com

The material presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication has no responsibility for your personal financial loss.



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