- QNT Token price is falling after facing rejection at the long-term demand zone turned supply zone.
- QNT Token price is forming a cup and handle pattern on a daily time frame.
- The pair of QNT/BTC is trading at 0.002980 with a decrease of 0.90 % in the market cap of the digital asset over the past 24 hours.
QNT Token’s price is in a strong downtrend after breaking down the long-term demand zone and turning the supply zone at $162. There seems no hope for recovery in the Token as it again failed to surpass the important supply zone of $162. The Token has started forming lower low and lower thigh formation on a daily time frame. The Token fell after facing rejection at 50 and 100 EMA, and currently, it is trading below the vital 50 and 100 EMA. QNT token price is currently at 20 EMA after the fake breakout of 50 EMA. The Token is trading in the middle of the Bollinger band indicator after failing to surpass the upper band of the Bollinger band indicator. The Token recently broke down the descending triangle pattern, and after doing a retest at the long-term supply zone of $162, it has started falling again. Investors should be cautious and not take a long position until the $162 price level is not broken. Volumes have increased over the last trading days, causing volatility to increase, and thus investors should wait until the price settles and then take trades.
QNT Token price is turning bullish as per the technical parameters
QNT Token price is continuously downtrend, but the technical parameters suggest otherwise.
Supertrend: Recent bullishness in the price of the QNT token led to the Supertrend indicator’s breakout at $136, and the supertrend gave a buy signal. The Token is currently trading above the supertrend line, acting as support. If the token bounces off the super trend trendline, there can be a bullish movement in the digital asset price. If the Token cannot sustain the above super trend buy line, it can turn into a bearish trend that can push the price down to $90.
Moving Average Convergence Divergence (Bullish): MACD indicates a bullish trend on the daily time frame as it gave a positive crossover. The buyer’s signal line(blue) crossed the seller’s signal line (orange) on the upside, indicating a possible breakout of the long-term supply zone at $162, which can help the coin price move up to $212 with strong momentum. The Blue line jumped off the orange line, indicating a bullish momentum for upcoming days.
QNT Token price forms cup & handle pattern on daily timeframe
QNT Token price, after a bumpy ride, is forming a Cup & Handle pattern on a daily time frame. The Cup and Handle Pattern is a reversal pattern, and thus the Token can witness bullish momentum if the $162 price level is broken.
Relative Strength Indicator: RSI is trading at 49.34, and recently the RSI Curve has given a negative crossover of 20 SMA. RSI Curve has fallen below the halfway mark of 50. The trend is bearish as of now, and it will continue until the Token crosses the price of $162 on the upside.
Average Directional Movement Index: ADX dipped below 30 as Token’s price fell. After the retest of the supply zone, the Token has started falling again, and the ADX curve is depicting the same.ADX curve has turned downwards, indicating a strong bearish movement for the upcoming trading days if the bulls do not take control and push the price higher.
Conclusion
QNT token price is seen weak on different time frames, and the technical parameters suggest the same. The price level of $162 will act as a make-or-break level. If the coin stays below $162, the bearish momentum is likely to continue, and if the price of $162 is taken out, the trend can change for the short term.
SUPPORT: $90 and $92
RESISTANCE: $151 and $162
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.