QNT Technical Analysis: Quant Above $100, But For How Long?

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QNT Technical Analysis: Quant Above $100, But For How Long?

QNT price chart shows the recovery rally exceeding the psychological mark of $100 and challenges the 200-day EMA to reach the $133 swing high. The bullish reversal from the $87 support level or the 50% is the QNT price higher by 22% within five days, resulting in a streak of the bullish candle. However, the streak of bullish candles takes a hit at the 200-day SMA as the uptrend struggles to beat the suddenly increased selling pressure. So, will the prices sustain above the psychological mark of $100 or take a bearish reversal to complete the head and shoulder pattern?

Key Points:

  • The Quant price action shows a power struggle at the 200-day EMA.
  • The buyers above the $100 mark lead to lower price rejection in the daily candle.
  • The intraday trading volume in Quant is $26.82 million.

QNT Technical Analysis: Quant Above $100, But For How Long?

Source — TradingView

QNT Technical Analysis

The falling QNT prices take support at the 50% Fibonacci level close to the $87 support level leading to a bullish turnaround. As mentioned in our previous analysis, the bullish reversal displayed a phenomenal increase of 22% within a week, with increased intraday trading volumes to reclaim the $100 mark. The bull run leads to a five days streak of green candles, which exceeds the 50 and 100-day EMA but struggles at the 200-day EMA. However, the increasing trading volume and the long-wick candles increase the breakout possibility. If the QNT market value exceeds the 23.60% Fibonacci level at $112, the sideline traders can find this a lucrative breakout entry opportunity. Furthermore, the breakout rally shows the potential to reach the previous swing high at $133, accounting for a 20% jump. However, if the sellers remain dominant at the 200-day EMA, a bearish trend continuation will complete the head and shoulder pattern. With the $87 support level acting as the neckline of the bearish pattern, a fall to $75 is possible upon a bearish breakout.

Technical Indicators

The daily-RSI slope shows a diagonal rising trend in the nearly overbought zone, influencing bullish growth in the 14-day SMA. Moreover, the bullish trend of the MACD histograms gains momentum, reflecting an increase in buying pressure. Thus, the indicators maintain an optimistic standpoint for the upcoming trend in QNT prices. Resistance Levels — $112 and $133 Support Levels — $100 and $87


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