The QNT price trend shows a bullish turnaround from the 200-day EMA falling below the support trendline, while the 50-day EMA supports the uptrend. Since the weekend, the prices have jumped by 12% resulting in the $106 breakout. But, will this uptrend continue to reach the overhead resistance at $135?
Source - Tradingview
After displaying a phenomenal bullish trend of 162% between July and mid-August, the QNT prices break below the support trendline. After facing opposition from the $130 mark, and overhead resistance trendline, the prices dropped by 22% to take support at the 200-day EMA.
However, the golden crossover of the 50 and 200-day EMA halts the falling prices resulting in a bullish turnaround. With the increased demand at the supporting 50-day EMA, the market value has recovered by 12% within the last four days.
With the QNT prices sustaining above the $106 level, the possibility of an uptrend to the $133 mark increases. However, an increase in selling pressure might result in a retracement to test the 200-day EMA below the psychological mark of $100.
The RSI indicator displays a sideways trend near the halfway line after a reversal from the nearly oversold zone. Hence the technical indicator shows an improvement in the underlying bullishness.
Moreover, the fast and slow lines in the MACD indicator show a decline in the bearish gap teasing a bullish reversal. Hence, the technical indicators support the uptrend possibility in the QNT prices.
Resistance Levels: $115 and $135
Support Levels: $100 and $85