The Quant ($QNT) cryptocurrency is showing signs of a significant rally, with technical analysis pointing to a potential breakout, according to analyst VipRoseTr. The cryptocurrency has completed a harmonious pattern and is bouncing off key support zones, suggesting the start of a sustained uptrend.
“QNT has just completed a harmonic pattern and is rejecting key support zones.” VipRoseTr wrote.
Fibonacci levels highlight $148.1, $187.1 and $223.3 as critical resistance targets for $QNT, with the possibility of an explosive rise above $223.3.
VipRoseTr highlights that recent pullbacks have created lucrative buying opportunities for Quant. The harmonic pattern, a recognized trend reversal indicator, was confirmed when $QNT bounced off the $95-100 support zone, coinciding with the Fibonacci retracement level of 0.786.
This key level of support has historically acted as a launchpad for upward moves, making the current setup particularly attractive for traders.
Support and resistance levels critical for price action
From chart analysis, there are several support and resistance levels that have been identified as key to the next $QNT trend. The $95-$100 level is considered a key support level, which prevents the price from falling and indicates a price range.
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At the same time, the price range of $113 to $117 acts as a short-term support level, holding the price during temporary pullbacks during the day.
On the resistance side, $148.1 is the main level that traders should focus on. It is the first significant level since the beginning of the year, matching the Fibonacci level of 0.236. The next major level at $187.1, which is the Fibonacci extension of 0.382, will come into focus once this resistance is broken.
Ultimately, $223.3 serves as both a psychological and a technical level, and VipRoseTr indicates that a break above this level could lead to further price growth.
A breakout from the descending channel also confirms bullish sentiment for Quant crypto. This pattern reversal indicates that customers are regaining confidence. The power is gradually increasing which could lead to sustainable progress.
Quantitative analysis of crypto prices and market conditions
The quantitative performance of the crypto market in the last 24 hours shows that there is increased confidence among investors. At the time of writing, the token is trading around $116.94 with an increase of 2.84%.
The coin fluctuated between $114.10 and $117.00, which can only suggest that buyers are back in the game.
Quant’s market capitalization is also on the rise to $1.41 billion. This is a change of 2.84% indicating that many investors still have confidence in Quant.
Despite this, trading volume remains quite high as the 24-hour trading volume fell by 17.81% to $29.3 million. Nevertheless, price growth over the past few days points to good demand and a sustained bullish outlook.
As of this writing, 81% of Quant’s total supply is outstanding, making it a low supply asset. Such a scarcity factor can offset price appreciation during the upswing, thus increasing the effect of positive market sentiment.
Bullish and bearish outlook for QNT
If the bulls break the first resistance at $117, QNT could rise towards $120, which is an important psychological level.
However, strengthening momentum and increased trading volume are expected to fuel further gains. Price levels of $148.1 and $187.1 as key intermediate targets. If the price touches and breaks through $223.3, it could trigger the huge upside that VipRoseTr has indicated.
On the other hand, a drop below $114 could lead to a return to the $110 level. A further reduction in trading volume could weaken buyer interest and result in support and resistance within the lower range.
