QNT Technical Analysis: Breather For Bears Brings Trend Reversal Hope
The QNT coin price shows a 10.64% spike with the latest daily candle, resulting in the bullish engulfing candlestick, which undermines last week's fall of 20%. However, the previous downfall of 30% due to the rejection near the $150 mark still maintains a downtrend influence. Will the recent spike overcome this bearish influence?
Key technical points:
Past Performance of QNT
The QNT price maintains a downtrend of 72% from September 2021 after facing a massive supply near the $400 mark. The price action generates a descending trendline that has kept the bullish growth in check resulting in lower highs formation.
Currently, the market price of the QNT token is $118, with a 10.42% spike in the last 24 hours. Moreover, the 72% jump in the intraday trading volume showcases a rise in the underlying buying pressure.
Source-Tradingview
QNT Technical Analysis
After forming a bottom near $90, the QNT coin price has been on a rally of 60% approaching $150. However, the failure to surpass the resistance trendline brings the prices closer to $100.
The crucial 50, 100, and 200-day EMAs maintain a bearish alignment in the daily chart, with the 50-day EMA providing dynamic resistance to the downtrend. However, the breakout of the 50-day EMA will result in a rally to $200.
The RSI Indicator shows a spike in the slope as it approaches the support trendline below the 50% mark. The spike in slope attempts to surpass the 14-day SMA, which, if successful, will result in a bullish uprise.
The MACD indicator shows a sharp reversal in the MACD line, indicating an attempt to reverse the recent bearish crossover. However, the lines must surpass the zero mark to indicate a bullish signal.
In a nutshell, the QNT technical analysis marks the possibility of a bullish reversal to the resistance trendline.
Upcoming Trend
The QNT coin price anticipates a short-term bullish trend as the bears take a rest after the recent downfall. However, traders can gain a bullish trend till the resistance trendline. As for the possibility of a trendline breakout, traders must wait for the price action confirmation.
Support Levels: $100 and $92
Resistance Levels: $135 and $160