QNT Price Analysis: Reversal Pattern Sets QNT Next Price Target at $156

The recent V-shaped recovery in QNT price from the $87.5 support formed the handle part of the cup and handle pattern. This bullish reversal pattern shows its neckline resistance at the $110 mark. Today’s decisive break backed by a strong volume spike calls for a further advance for a recovery rally.

Key points:

  • $132 supply zone may stop potential QNT rally
  • Coin buyers recapture the 200 day EMA
  • The intraday trading volume on Quant is $76.2 million, indicating a loss of 196.2%.

QNT/USDT ChartFont-business view

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

Later on, the coin chart witnessed multiple higher price rejection candles with resistance at $110, signaling short-term traders booking profits. Therefore, the selling pressure triggered a minor pullback and reduced the price by 20% before it returned to the $110 barrier.

However, this minor retracement shaped QNT price into a cup and handle pattern. Today, the price of the coin witnessed a significant entry and soared 13.4% higher to hit $112. As a result, the buyers saw a massive break of the $110 neckline resistance.

This bullish breakout triggers the cup and handle pattern to reinforce further price recovery. Also, a candle closing above this level would allow buyers to test this breached level to find a suitable base.

If QNT price shows sustainability above the $110 level, the potential rally should break the intermediate resistance at $132 and rally 27.5% to the $155 mark.

technical indicator

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

RSI indicator: The slope of the daily RSI jumps above the 70% mark and indicates strong bullish momentum. However, the indicator approaching the overbought region may threaten a minor correction.

  • Resistance level: $96 and $110
  • Support Levels: $74 and $87.6

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

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

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