Quantitative price analysis: can the completion of the correction phase help QNT in a bullish move?
- During a bounce, the quant token follows a bullish order.
- According to the EMA ribbon indicator, the QNT token is expected to reach $110 higher.
- QNT’s market capitalization increased by 7% in the last 24 hours, when $1 billion was almost complete.
Quant Token appears to be in a bullish mood as buyers reversed their trend in June. At the same time, the price of the altcoin is rising as bulls expected an uptrend after witnessing the terrible bloodbath. Recently, the acceleration has increased significantly, causing the QNT to rise before a minor retracement.
Near the 2022 lows (at the $40 mark), the bulls looked really aggressive to protect themselves from further selling. Thus, the $40-$50 area (green box) became an important demand area for QNT buyers as the trading volume gradually increased, so the bulls can hold this area.
QNT price hit near resistance
According to the daily price scale, the Quant price has moved towards a descending trendline (chart above). However, the expected retracement phase occurred as the asset is seen in the green again today.
Thus, the QNT crypto is trading at $81.6 at the time of writing. Despite a slight correction, the weekly price candle for the given token looks bullish. Based on this fact, buyers may cross this descending trend line (white) in these attempts, as prices have retested this barrier several times.
If the bulls close the daily price candle above an immediate upside barrier, the QNT token is likely to reach the 200-day moving average (110 points) according to the EMA ribbon indicator. Meanwhile, the $70 mark shows the ability of the QNT coin to rise in price.
QNT’s market capitalization increased by 7% in the last 24 hours, when $1 billion was almost complete. Amid the bullish momentum, the price of the Quant token pairing with bitcoin is up 10% at 0.004095 satoshis.
The bears are waiting for the price near the $100 round level
On the daily price chart, the RSI indicator is in the overbought territory. This bullish signal could propel the price of the altcoin to the conceptual level of $100 as a first realization. Moreover, MACD is also present in the green zone.
Over the past two days, the Quant token has completed its retracement phase near the descending trendline. Therefore, for the next 30 days, potential buyers can make a suitable plan to push the altcoin price to $110 according to the EMA ribbon indicator.
Support level – $50 and $40
Resistance level – $100 and $110
The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.