See More

Quant (QNT) More Than Doubles in Price Since June Lows

2 mins
Updated by Geraint Price
Join our Trading Community on Telegram

In Brief

  • QNT has bounced at the $45 horizontal support area.
  • It has broken out from a descending resistance line.
  • The short-term RSI is showing weakness.
  • promo

Quant (QNT) has broken out from a long-term descending resistance line and might have initiated a bullish trend reversal. However, a short-term retracement could transpire prior to the continuation of the upward movement.

QNT has been moving downwards underneath a descending resistance line since reaching an all-time high price of $429.69 in Sept. The downward movement led to a low of $40.60 in June. 

The price has been increasing since, and broke out from the descending resistance line on June 19. At the time, the line had been in place for 280 days. The bounce and breakout also served to validate the $45 horizontal area as support. 

Furthermore, the weekly RSI is in the process of moving above 50 (green icon), something which is considered a sign of a bullish trend.

If the upward movement continues, the next closest resistance area will be at $150.

QNT Breakout
QNT/USDT Chart By TradingView

Ongoing breakout

Cryptocurrency trader @CryptoGodJohn stated that QNT is one of the coins that could continue performing well, since it has more than doubled since the June 13 bottom. 

Measuring from the low, the price has so far increased by 160%. Currently, it is trading right at the 0.618 Fib retracement resistance level, where it has created several long upper wicks (red icons). Such wicks are considered signs of selling pressure. 

Additionally, the daily RSI is in overbought territory, though there is no bearish divergence yet. So, it is possible that a short-term pullback will transpire prior to continuation.

Short-term breakout
QNT/USDT Chart By TradingView

The possibility of a short-term decrease is also supported by the six-hour RSI, which has been generating bearish divergence since July 14. During this period, the price has also created a double top, which is considered a bearish pattern. 

If a retracement occurs, the main support would be between $77 and $87, created by the 0.382 and 0.5 Fib retracement support levels and is also a horizontal support area.

Short-term QNT
QNT/USDT Chart By TradingView

QNT wave count analysis

The wave count suggests that the increase since the bottom is part of a five-wave upward movement. In it, the price is currently in wave three (black), which extended. The sub-wave count is given in red. 

When drawing a channel connecting the highs of waves one and three and the bottom of wave two, a potential target for the bottom of wave four is at $87, aligning with the previously outlined support area. 

Afterward, the upward movement would be expected to continue.

Wave count
QNT/USDT Chart By TradingView

For Be[in]Crypto’s latest Bitcoin (BTC) analysis, click here

Top crypto platforms in the US | March 2024
Coinbase Coinbase Explore →
AlgosOne AlgosOne Explore →
Chain GPT Chain GPT Explore →
iTrustCapital iTrustCapital Explore →

Trusted

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Valdrin-Tahiri.jpg
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
READ FULL BIO
Sponsored
Sponsored