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The QNT price action shows a post-retest reversal from the $85 mark, struggling to gain momentum within the falling channel. Key technical points:
- The QNT prices jumped by 1.90% in the last 24 hours.
- The bullish reversal retests the $85 mark.
- The 24-hour trading volume of Quant is $79.32 Million, indicating a drop of 17%.
Past Performance of QNT
As predicted in our previous article, the QNT prices grew 30% to jump from the 100-day SMA at $80 to the 200-day SMA at $105. However, the uptrend failed to beach the 200-day SMA resulting in a declining trend forming a falling channel. However, the price action makes a flag pattern, as the 30% jump acts as the flag pole. Source- Tradingview
QNT Technical Analysis
The lower price rejection in the QNT daily candle teases a potential bullish reversal from the $85 mark with a morning star pattern. The bullish pattern breakout will discharge the constrained trend momentum and result in a high momentum uptrend. The 100-day SEMA is ready to assist the uptrend in case of a bearish pullback. Additionally, the increasing influence over the 50 and 100-day SMA teases a bullish crossover possibility. The bearish crossover of the MACD and signal lines opposes the possibility of a bullish turnaround. If, however, the MACD indicator regains the positive alignment, traders can expect the uptrend to create a new higher high above $100. In a nutshell, the technical indicators have an opposing view from the QNT price analysis, which supports the bullish reversal possibility.
A potential bullish breakout of $100 will offer advantageous entry points for buyers that may increase the QNT price by 25% to the $133 mark. Conversely, the fallout of $85 will invalidate the bullish reversal possibility and trigger a decline to $75. Resistance Levels: $106 and $133 Support Levels: $87 and $75