As mentioned in our previous article, the QNT price shows a phenomenal bullish growth in the first week of July and even surpasses the $75 mark. The bullish growth exceeds the 50 and 100-day SMA to reach the $90 resistance level. However, the daily chart displays a retracement to retest the $75 breakout along with the 100-day SMA.
Source- Tradingview
The QNT prices regain the bullish alignment with post retest reversal from the 100-day and tease a morning star pattern formation. Hence, with the restarting bullish trend, the likelihood of a price jump to the $100 resistance level increases drastically.
The MACD indicator shows a bullish growth in the fast and slow lines as they sustain in the positive territory. Furthermore, the RSI indicator shows bullish growth, trying to re-enter the over territory after dipping into the 70% boundary. Hence the momentum indicators maintain a bullish outlook and forecast a price jump to the $100 resistance level.
As for the SMAs, The price jump sustains above the 100day SMA line And prepares a bullish jump to the 200-day SMA accounting for a price jump of 33%.
In a nutshell, the QNT technical analysis forecasts a high likelihood of a bullish trend continuation ready to exceed the psychological mark of $100.
If the buyers managed to surpass the overhead resistance at $87, a price jump exceeding the $100 mark to test the 200-day SMA at $107 seems inevitable.
Resistance Levels: $87 and $100
Support Levels: $75 and $60