Quant (QNT) Price Reaches 22-Day Peak After Bullish Candle Formation

Key Takeaways

• Quant (QNT) broke out from a long-term resistance.
• The QNT price created a bullish candlestick on Feb. 25.
• Can Quant build on its momentum and move to new highs?
• Interested in buying or selling QUANT QNT coin? Read our review of the best exchanges to buy and sell QUANT QNT

Despite a downturn in the crypto market on Feb. 25 that caused $110 billion in liquidations, the QNT price showed perseverance and bounced, creating a bullish engulfing candlestick.

Not only did QNT reclaim all of its losses, but it reached the highest price since Feb. 2.

Historically, cryptocurrencies that show strength during market corrections tend to lead the way once the market stabilizes.

With that in mind, let’s analyze the QNT price movement and see where it is heading.

QNT Price Bounces

The weekly time frame QNT chart shows that the price has bounced at a confluence of support levels (green icon), created by a long-term descending resistance trend line and the $92 horizontal support area.

These are both critical long-term levels since the trend line has existed for 763 days while the support has existed for 959 days. This is the first validation as support since the QNT price broke out.

Despite the bounce, the QNT price trades very close to these support levels. If an upward movement follows, the main resistance would be at $165, roughly 60% above the current price.

Similar to the price action, technical indicators lean bullish. The Relative Strength Index (RSI) is slightly above 50 while the Moving Average Convergence/Divergence (MACD) is above 0 though it has yet to make a bullish cross.

As a result, the weekly time frame leans bullish but is not decisive enough to confirm the trend’s direction.

Can QNT Break Out?

The wave count gives a bullish short-term prediction for the QNT price. It shows that the QNT price has started wave C in an A-B-C correction.

This portion of the increase will likely cause a breakout from the resistance trend line that has thwarted attempts at moving upward since Dec. 10, 2024.

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However, since a five-wave decline (red) preceded this upward movement, the long-term trend could still be bearish, making the QNT upward movement a relief rally.

Daily time frame indicators are very similar to weekly ones. The RSI and the MACD lean bullish but have not confirmed the trend reversal yet. The MACD has made a bullish cross but is below 0, while the RSI is neutral at 50.

The $122 resistance is a horizontal and Fibonacci level, so the reaction once the QNT price gets there will be key to determining the future trend.

A successful breakout could take the QNT price to $165, while a rejection will likely cause a retest of the $92 support.

Positive Short-Term Trend

On Feb. 25, the QNT price created a bullish candlestick, confirming a long-term support level and breaking out from a resistance trend line.

While the increase will likely continue until at least $122, it is still unclear if it will lead to a long-term upward movement.