The Quant (QNT) price is trading very close to a major resistance area. Due to a breakout from the current pattern, the price should eventually move above this resistance.
QNT has been rallying since March 13, when the price reached a low of $1.09. The rally continued until the price reached a high of $13.10 on Sept 1. However, the price created a long upper wick and fell considerably afterward.
At the time of writing, QNT was in the process of making another breakout attempt above the long-term resistance area at $11.30. Until now, the price has never reached a weekly close above this level.
If it does, the next resistance area would be found at $16.70, coinciding with the all-time high price. Conversely, the closest support area is found at $6.50.
Technical indicators are bullish, since both the RSI and Stochastic Oscillator are increasing, neither being overbought or forming any bearish divergence.
Cryptocurrency trader @BCmaximalist tweeted an image that shows an 13% increase in the QNT price, which finally took it above $10.
If the price manages to break out above the previous $11.20 resistance area, it could post much higher gains by increasing rapidly towards the next resistance area.
The daily chart shows that the price was trading inside a symmetrical triangle since June 2020. While the exact slope of the resistance and support lines is not clear due to numerous long wicks, it’s possible that the price broke out from the resistance line yesterday.
If so, the price should continue moving upwards and also break out from the $11.20 resistance area.
Technical indicators are bullish, since all three of the: MACD, RSI and Stochastic Oscillator are moving upwards, the latter having made a bullish cross.
The QNT/BTC price shows a similar movement to QNT/USD. However, instead of breaking out from a symmetrical triangle, it seems that the price is still trading inside an ascending triangle.
Technical indicators are bullish, and since the ascending triangle is considered a bullish pattern, a breakout from here is likely.
If so, the price could rally all the way to the next resistance area at ฿0.00135, a target found by projecting the height of the triangle to the breakout point.
Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.