QNT Technical Analysis: Bearish Influence On Triangle Toys Fallout

Key technical points:

Past Performance of QNT

QNT coin price fails to surpass the increased supply met near the 100-day EMA resulting in the retracement to the support trendline with the 18% fall last week. However, the downfall is just another resonance under the symmetrical triangle observed in the daily chart. Hence, the collapse of the 50-day EMA packs a weaker bearish punch than the fallout observed last month. 

Source-Tradingview

QNT Technical Analysis 

QNT coin price action reflects the bullish reversal opportunity in the triangle, but the 50-day EMA provides an internal resistance. Moreover, the reversal lacks the commitment for a bullish breakout compared to the supply-rich 100-day EMA. 

The QNT price trades below all the crucial EMAs with the significant spread between the bearish aligned in the daily chart. Hence, the EMAs act as extra resistances suppressing the bullish triangle breakout possibility.

RSI Indicator: The RSI slope reflects a boom in selling pressure as it slips out of the nearly overbought zone and cracks below the 14-day SMA and the halfway zone. Moreover, the slope highlights the bearish divergence in the last two support at the trendline.

In a nutshell, the QNT technical analysis highlights the symmetrical triangle pattern in the daily chart with the increasing chances of bearish fallout.

Upcoming Trend 

QNT coin price faces constant growth in supply pressure near the resistance trendline, and with the bearish aligned EMAs, the chances of a triangle fallout increases. The bearish breakout can result in a falling trend to the psychological mark of $100.

However, in the unlikely event of a bullish breakout, the breakout rally can reach the $160 mark.

Support Levels: $120 and $100

Resistance Levels: $140 and $160