- The QNT token price is showing a U-shaped recovery on a daily time frame.
- The token price is forming a rounding bottom pattern on a daily time frame
- The pair of QNT/BTC is trading at the price level of 0.00701 with an increase of 2.1% in the past 24 hours.
The QNT token price as per the price action is trading near the supply zone on a daily time frame. The token price showed a strong bullish rally from the demand zone. Despite the bearish mess prevailing in the global cryptocurrency market the QNT token price managed to bounce off the demand zone. The token price formed a strong bullish candlestick pattern at the bottom resulting in the uptrend. At present, the token price is forming higher high and higher low formation on a daily time frame. Currently, the QNT token price has started consolidating near the supply zone after a one-sided move in the past 72 hours. The QNT token price is trading above the 50 and 100 Moving Averages. A recent bullishness has resulted in the breakout of the 50 and 100 Moving Averages. Moving upwards the token price can be seen resting at these MAs. The QNT token price is trading at the upper band of the Bollinger band indicator after bouncing off the lower band. The range of Bollinger Bands has become wide indicating some consolidation. Volumes have increased as the token price showed a strong bullish rally.
The QNT token price is forming a rounding bottom pattern on a daily time frame
Average Directional Movement Index: ADX curve has been rising on a higher time frame as the token continues to rise. It is a positive sign for the token price. In a daily time frame, the ADX curve has dipped out of the 20 mark and has turned upwards. As the token price bounced off the demand zone on a daily time frame. Investors should wait for a positive candle breakout of the supply zone and then act accordingly.
Relative Strength Index: RSI curve is trading at the level of 45.41. The RSI curve is yet to cross the halfway mark of 50. Once the QNT token price gives a breakout of a strong supply zone on a daily time frame, the RSI curve can be seen crossing the halfway mark of 50. Once the token price breaks the founding bottom pattern, it can be seen moving up rapidly. The RSI curve has crossed the 14 EMA yellow line indicating a short-term bullishness.
Supertrend: The QNT token price bounced off the demand zone with strong bullish momentum. Earlier the token price fell below the demand zone, where it faced continuous reception of the super trend sell line. Recent bullishness has resulted in the breakout of the super trend sell line which triggered the bit signal. Moving upwards the token price can be seen taking strong support at the super trend buy line.
CONCLUSION: The QNT token price is bullish as per the price action. As per technical parameters, the token price is getting ready for a big move. It remains to see if the token price breaks the supply zone and starts moving up rapidly after retest or faces strong reception of the current supply zone and falls. Investors should remain cautious and wait for a clear trend.
SUPPORT: $130 and $125
RESISTANCE: $145 and $148