QNT Technical Analysis: Another Retest Entry For Quant Buyers

The QNT price action displays a 10% price jump in the last 48 hours resulting in a successful retest of the rounding button breakout. However, the higher price reduction in the daily candles questions the likelihood of an updated continuation. So should you reconsider taking a bullish trade?

Key Points:

Source - TradingView

QNT Technical Analysis

As we mentioned in our previous analysis, the golden crossover boosts the QNT market price, resulting in a successful reversal from $130. Additionally, it completes the retest of the rounding bottom breakout, highlighting a bullish entry opportunity for sideline traders.

Furthermore, the spike in trading volume supports the bullish reversal candles, accounting for a 10% jump in the last 48 hours. Thus, the increasing volume supports the bullish price action indicating a high likelihood of the bullish trend reaching $150.

Hence, if the high momentum bullish reversal rally continues, the prices will exceed the $150 mark. The breakout rally can result in a price jump to the $160 mark.

Conversely, if QNT prices reverse from $150, the seller can drive the market value under the $130 level to test $112.

Technical Indicators

Despite the retest, the RSI slope spikes from the 14-day SMA to approach the overbought boundary. Thus, it is evident that the underlying bullish trend continues. Additionally, the increasing bullish gap between the MACD and signal lines after the recent bullish crossover reflects an increase in buying pressure.

Therefore, the technical indicators show that the demand for Quant in the market continues to grow. As a result, the QNT technical analysis indicates a bullish trend continuing to reach $160. Hence, the sideline traders can find multiple buying opportunities at the current market price.

Resistance Levels - $150 and $160

Support Levels - $133 and $112