Quant (QNT) Price Up 22% Since November Low but Remains in Accumulation Zone
QNT price up by 22% since November low. Long-lasting correction might have ended and a new bull phase beginning.
Key Takeaways
- QNT shows signs of ending its consolidation phase.
- A higher low above $50 indicates potential bullish momentum.
- A breakout above $80 could confirm a new uptrend.
Since peaking at $430 on Sept. 10, 2021, QNT has experienced a prolonged bear market, culminating in a recent retest of key support levels.
Recent signs suggest a potential end to its consolidation phase, possibly signaling the start of a new bullish trend.
QNT Price Analysis
After reaching its all-time high of $430 on Sept. 10, 2021, QNT has been in a bear market, first falling to $40 in June 2022.
On Oct. 19, 2022, QNT ended its first major recovery since the all-time high at $230, after which it entered another period of continuous declining price action.
On Aug. 5, the QNT price fell close to $50, and on Nov. 4, it again retested this horizontal zone, ending on a slightly higher low of $54.
This could have marked the conclusion of the highest-degree WXY correction from the all-time high, especially as the daily chart Relative Strength Index (RSI) fell to the oversold zone at 30%.
We saw a 22% increase, and although the price is still bearish, there are signs of the starting bull phase. The first is that QNT established a higher price plateau above $50, with the RSI touching the oversold zone.
Second, from October’s peak in 2022, we have seen a three-wave advancement to the downside, a typical sub-division of the corrective waves. Finally, its bullish price action came after a period of sideways movement, indicating that QNT might have finished its consolidation phase.
Despite these positive indications, further confirmations are needed to ensure the coming bull phase.
QNT Price Prediction
Zooming into the 4-hour chart and analyzing the wave structure, we can see that from Aug. 5 to Nov. 3, QNT made a five-wave advancement and a three-wave retracement. This is a typical pattern for the beginning of the new uptrend.
The rise from Nov. 3 could be the first sub-wave of the larger wave 3. Before further upward movement, a retracement is now expected as the lower-degree wave 2 to $59.
If this plays out, we will see a next higher low that will validate our assumption. However, the strongest confirmation will be surpassing the previous high of $80 on Sept. 26.
According to this count, our first likely target is $102 at the descending resistance. Still, a breakout above could lead to $120 and develop a five-wave pattern, conclusively confirming the bullish phase.
Quant (QNT) Price Rebounds 20%, Targeting $90 After Weekend Recovery
