Was 38.2% Retracement Enough To Resume QNT Recovery?

Published 21 mins ago

During the previous retracement, which took place around July’s fourth week, the Quant (QNT) price retraced 38.2% and bolstered the recovery rally to reach the $132.84 mark. Furthermore, the recent correction tumbled the prices by the same 38.2% and showed some recovery signs at this support. However, the buyers need better confirmation to continue the prevailing bull run.

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Key points from QNT analysis: 

  • The QNT price is resonating in a no-trading zone.
  • The buyers failed to sustain prices above the 200-day EMA
  • The intraday trading volume in the Quant is $34. Million, indicating a 27.5% loss

TradingView Chart

Source-Tradingview

The QNT/USDT pair recovery initiated from the $41.16 surged the prices 235.6% higher to hit the $132.84 mark. During this run-up, the altcoin showed several pullbacks, replenishing the bullish momentum for further gains.

Similarly, amid the recent market correction, the QNT price turned down from the $132.8 resistance and triggered another bearish pullback. This retracement tumbled the market value by 26.6% and plugged to the combined support of 0.382 Fibonacci retracement level and the $100.

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Furthermore, the QNT price rose for the next two days and registered a 13% jump. However, the buyers struggle to surpass the immediate resistance of $112. As a result, the altcoin is down 3.88% today, trading at $106.7.

Thus, the price range between $112 and $106.7 can be considered a no-trading zone. A breakout from either side will give a better confirmation for respective direction moves.

Therefore, if the price breaches the $112 resistance, it would indicate buyers are ready to resume the price recovery and allow them to challenge the prior swing high of $133.7.

On a contrary note, if the coin holders lose $106.7 support, it would mean there’s more to a price correction, which may target the 50% retracement level at $87.

Technical Indicator 

EMA’s: the 100-and-200-day EMAs accentuate the range as they are moving close to the $106.7 and $112 levels, respectively. Thus, these EMAs give additional confirmation for a potential breakout.

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RSI indicator: The daily-RSI slope nosedive below the neutral line indicates a switch in traders’ sentiment. Furthermore, this slope showing sustainability below the midline supports the correction theory

  • Resistance levels- $96 and $110
  • Support levels- $74 and $87.6

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From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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