The QNT Surged 25% The Other day; Are We Entering A Recovery Phase?

In these last two and half months, the QNT coin exhausted all the gains price gathered since august. This short-term downtrend dropped the price to $145 support and currently indicates a bullish reversal from this level. Watch these technical levels that can support the new rally.

Key technical points:

• The QNT coin price reclaims the 20-day EMA 
• The intraday trading volume in the QNT coin is $660.5 Million, indicating a 3.83% gain.

Source- QNT/USD chart by Tradingview

The correction phase the QNT coin began in the latter half of September and was trying hard to sustain above the crucial support of $250. However, on November 16th, the price even breached this support level, indicating a deeper correction or short-term downtrend in this coin.

The QNT coin plunged to the 0.786 Fibonacci retracement level or the $145 mark. For the past few days, the coin indicated intense demand pressure at this level with several lower price rejection candles. On December 11th, the coin shows a sudden surge of 25% in its intraday session, indicating a bullish reversal.

The coin price is trading below the crucial EMA levels(50 and 100), projecting a downtrend for its investors. However, the bulls have reclaimed the 20 EMA on its side.

The daily Relative Strength Index(52) displayed a similar recovery in its value, supporting the market buyers.

QNT/USD 4-hour Time Frame Chart

Source- QNT/USD chart by Tradingview

This new rally in the QNT coin breached some crucial resistance levels like the dynamic resistance from descending trendline and two horizontal levels of $189.5 and $216.6. However, the coin is currently in a retest phase which could even check the $189.5 mark.

The traditional pivot shows remarkable confluence with the QNT/USD chart levels. According to these pivot levels, the crypto traders can expect the nearest resistance at $248, followed by $278. As for the opposite end, the support levels are $210 and $190.

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.