- QNT price took a bearish correction of 30 percent
- QNT price is trading near the supply zone
QNT price has been trading on a bull trend since early July 2022 while making consistently higher highs and higher lows after breaking out of the bear trend with an extremely bullish candle. Recently after making a doji candle in the one-week timeframe QNT price made a bullish rally of 61 percent after taking support from around $100.0 QNT price is taking a bearish correction. The QNT price after making a bullish rally made a bearish engulfing candle and took a correction of 30 percent.
The QNT price trading near the supply zone on ( Daily Timeframe)
After making the recent correction QNT price’s candle is yet to give a close around the base level in the one-week timeframe whereas, on the daily timeframe, the daily candle already has given a close around the base level of the trendline around the $106.7 price while also making a bullish engulfing candle which indicates that the price might take a bullish turn in the recent days if the one week candle also gives a close on a bullish note.
Technical Analysis ( Daily Timeframe)
The QNT price is currently trading below the 200 EMA. Usually, the price respects the EMA’s and moves on a particular trend by either trading above the EMA lines on an uptrend or below it on a bear trend. But in this case, the price is making a bullish trend by making proper higher highs and higher lows while trading across the 200 EMA which means it is yet to move on a proper uptrend.
According to the historical price action the QNT was trending on a bear trend while trading under the bear trend which means that after moving above the 200 EMA QNT coin might start moving on a bull trend while respecting the EMA. The RSI line after moving on a downtrend is currently trading near the demand zone around 36.82 points in accordance with the ongoing price action. While the RSI line is providing resistance to it at around 36.82 points.
Conclusion
The overall market sentiments have taken a bearish turn where the market sentiments are bowing towards the seller’s side. According to the site Alternative.me the current value of the greed and fear index is trading around 33 points on the fear side seeing a decline of 16 percent since the last week when the index was trading around the neutral levels of around 50 points. According to the Coinglass site which provides a cryptocurrency exchange information platform the buyers are starting to steadily take over the markets where the bulls are overwhelming the bears by a slight percentage of 52% across all the major cryptocurrency exchange platforms.
Technical levels –
Support – $110.0
Resistance – $ 160.0
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
