- QNT’s price is trading at $108.
- There was a breakout of the falling wedge pattern in July.
A remarkable growth of 8% in QNT within 24 hours has caused excitement in the crypto community. Investors are closely monitoring QNT’s potential as a game-changer in the blockchain space, driven by the increasing demand for interoperability solutions.
Will QNT Price Rise?
Overall, the market structure displayed a sequence of lower lows after the QNT price reached its all-time high of $432. Following this peak, the price of QNT experienced a decline and maintained a pattern of lower lows until June 2022. However, it eventually failed to sustain this downward trend. Around October 2022, there was a breakout above the resistance level of $155, which initially seemed promising but turned into a breakout failure scenario. Subsequently, the price re-entered a trading range between $155 and $90.
After the breakout failure, QNT’s price declined again until finding support at $90. In November 2022, the price revisited the resistance level at $155, only to face another fall and begin forming a falling wedge pattern. In July 2023, there was a breakout from the falling wedge pattern, and currently, the price is holding above $100, where significant buying and selling orders were executed. Sustaining above $100 could be considered a retest level for the falling wedge breakout, potentially leading the price to its next resistance at $120. If the price further breaks through the $120 level, there could be a possibility of reaching $130.
Based on the analysis of the Fibonacci retracement, after the price’s fall from its resistance level of $155, the 0.5 retracement level is yet to be reached. As a result, there is a possibility that the price may move upward until it reaches its first resistance of $120, which coincides with the 0.5 level of the Fibonacci retracement. Furthermore, if the price surpasses the $120 level, it might encounter the second resistance at $130, corresponding to the 0.5 level of the Fibonacci retracement.
Regarding the QNT long/short ratio on July 1, August 2023, it reveals that long positions make up 58.94% of the market, while short positions account for 41.06% of the market. This data indicates that buyers (long positions) currently dominate the market sentiment, suggesting a bullish outlook among traders.
Conclusion
QNT has garnered significant attention in the news over the past 24 hours, with investors showing keen interest in buying. The cryptocurrency has recently experienced a breakout from a falling wedge pattern and is presently maintaining its position above the $100 level. If the QNT price successfully sustains above $100, there is potential for an upward movement toward the resistance levels at $120 and $130. Additionally, the pending Fibonacci retracement level of 0.5 aligns closely with the $130 resistance, further supporting the possibility of a potential price increase.
Technical levels
Resistance levels: $120 and $130
Support levels: $100
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
