Published 9 hours ago
Under the influence of a descending trendline, the ongoing correction has dropped Quant (QNT) price to its current price of $94.2. The multiple retests to this trendline indicate the traders are actively selling at this barrier. However, the coin price nearing strong support stretched from $87.6, and $74 offers a dip opportunity to interest buyers.
Key points:
- The 50-and-100-day EMAs are nearing a bullish crossover.
- A breakdown from the $74 mark would project weakness in bullish momentum
- The intraday trading volume in the Quant is $80.7 Million, indicating a 16.5% loss
Source-Tradingview
A rounding bottom recovery in the QNT/USDT pair showcased a 158.6% rally from the June low of $41. This run-up reached a high of $114.03, but the coin price maintains a local top at the $110 mark.
Furthermore, the QNT buyers showcased multiple failed attempts to surpass the $110 over the past two weeks, indicating the sellers are defending this level with vigor. Thus, the altcoin reverted and tumbled 18.12%, resting the combined support of $87.6 and $0.382 Fibonacci retracement level.
On July 27th, the QNT chart shows a long-tail rejection candle at the aforementioned support, indicating traders are accumulating at this discounted price. However, early today, the coin price tried to follow up on the bullish reversal, but a new resistance trendline undermined the buyers’ attempt.
If the selling pressure persists, the altcoin would be pressured to break down from the $87.6 support and extend the correction phase 13.3% lower to hit $74 support.
Conversely, a bullish breakout from the overhead trendline would provide the required signal to continue the prevailing recovery.
Technical Indicator.
EMAs: the rising 50-and-100-day EMA between the $87.6 and $74 support indicates this area as a suitable zone to resume recovery. Moreover, a potential bullish crossover between these slopes may attract more buying in the market.
MACD indicator- a recent bearish crossover among the fast and slow lines encourages the resumption of the correction rally, which may plunge the price below the $87.6 support.
- Resistance level- $96 and $110
- Support levels- $74 and $87.6
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.
