Quant (QNT) token has been trading inside a rising parallel channel since the start of 2023, reaching highs of $165. Currently, it is trading at $138.80, with a dip of 3% and a 5% decrease in trading volume. On the daily chart, QNT shows some signs of reversal, trading above the significant moving averages. The immediate support is at multiple EMA’s placed near the $130 range. On the other side, the upside trajectory is the previous swing of $160.
In the last few sessions, the bears attempted to push the price to the support range, but the bulls held the grips firmly. This indicates that the buyers are eager to pull the token price up again. The token is awaiting a strong addition of volumes to break the hurdle of $150.
On the 4-hour chart, QNT forms a falling wedge pattern displaying clear signs of a trend reversal. In the upcoming sessions, the token is expected to retest the highs further. QNT tests the lower range and jumps from the Bollinger band’s lower end to the middle zone. This week, the token violated the trendline and leaped towards $145. Afterward, it retraced back and took support at its 20-day EMA.
The Relative Strength Index (RSI) is positioned at 50, slipping from the overbought zone and halting near the neutral zone. The curve intersects the signal line and looks to bounce again. The Moving Average Convergence Divergence (MACD) indicator is signalling that the red bars are coming to an end and a bullish crossover is expected in the upcoming hours. It also reflects neutral sentiments. The support levels are at $125, and the resistance levels are at $160.
The charts of QNT token show that the token is willing to reverse the trend direction, as confronted with the hope of Pole & Flag pattern. If the token breaks the upper trendline, then the bulls will aggressively bounce back. Moreover, QNT token is building its strong base at $100. The token corrected by 18% in this month and made a base around $125, and now it has the potential to crack the resistance of $150 in the near sessions. The buyers are in control of the token and are looking to break the $150 resistance level. If the token manages to break the resistance, then it will move towards the $160 range. However, the token needs to hold the $130 support level to remain in the bullish zone.
