QNT Technical Analysis: Another 50-day SMA Breakout Attempt
Table of contents
Key technical points:
Past Performance of QNT
An increase in QNT supply inflow in the early days of June resulted in a bearish breakout of the consolidation range between $68 and $75. The breakout rally breached the psychological support of $50 to take a bullish turnaround from $43 resulting in a V-shaped reversal. However, the reversal rally surpasses the $60 mark but fails to surpass the 50-day SMA resulting in the price drop to $50.
Source- Tradingview
QNT Technical Analysis
The QNT Price drop to $50 takes a bullish turnaround leading to the generation of a support trendline in the daily chart. Additionally, this showcases a remarkable growth in the underlying bullishness and increases the likelihood of the 50-day SMA breakout.
The MACD indicator Shows the bullish trend leading the fast and slow lines to the zero line displaying a remarkable growth in bullish sentiments. Moreover, the RSI indicator shows a bullish reversal, surpassing the 14-day SMA, and teases a jump above the halfway line. Hence, the technical indicators maintain a bullish bias and support the uptrend possibility.
In a nutshell, the QNT price analysis forecasts a growing possibility of a prolonged uptrend reaching the $75 mark.
Upcoming Trend
QNT buyers can expect the uptrend continuation above the SMA to reach the $75 mark. Conversely, a bullish failure will lead to a potential support trendline fallout to test the $43.5 support level.
Resistance Levels: $60 and $75
Support Levels: $50 and $43.5