QNT Technical Analysis: Uptrend Struggles To Beat $155 Resistance

The QNT price action shows the high-momentum uptrend taking a break at the $1155 resistance level due to increased selling pressure. In addition, the price action displays higher price rejection in two daily candles with bearish follow-through. Will this growing bearish influence crash the Quant market price?

Key Points:

Source - TradingView

QNT Technical Analysis

The QNT price action exhibits a rounding-bottom breakout rally gaining bullish momentum after retesting the broken neckline at $133. Moreover, as we mentioned in our previous analysis, the prices jump 16% to the overhead resistance of $155 within days.

The Quant market price currently takes a bearish turnaround from the overhead resistance of $155. The present daily candle shows a 2.20% drop in market value, with long-wick formation reflecting a higher price rejection.

If the selling pressure grows over the week, the Quant market price will drop to the bottom support level at $133. However, traders hoping to capture the downfall must wait for a solid bearish closing today.

Optimistically, if the bullish momentum recovers, an uptrend continuation above the $155 mark is possible. In such a case, traders can expect the breakout rally to reach the next resistance level at $189.

Additionally, in the case of a Doji candle formation, traders can expect an evening star at the resistance level in hopes of a bearish follow-through.

Technical Indicators

The RSI indicator shows a bearish divergence in the price action as marked in the technical chart, teasing a bearish turnaround to test the $133 mark.

However, the early bullish reversal in the VI lines keeps the stochastic RSI bullish on the upcoming trend.

Therefore, the QNT technical analysis suggests traders wait for the daily candle to close before deciding on a trade.

Resistance Levels - $155-$169 and $189

Support Levels - $133 and $112