QNT Technical Analysis: Price May Soon Breakout Above $50.82

The Quant Network has pioneered the development of Overledger DLT gateway – the first enterprise-level DLT gateway in the world. This gateway ensures enterprises achieve interoperability across multiple blockchains, systems, and DLTs. It is a fast, simple, and safe ecosystem. QNT is the in-house token of this network. The following is the technical analysis for the same.

Past Performance

On Jun 5, 2021, QNT opened at $44.84. On Jun 11, 2021, QNT closed at $51.61. Thus, in the past week, the QNT price has increased by roughly 15%. In the last 24 hours, QNT has traded between $49-$51.85.

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Day-Ahead and Tomorrow

Currently, QNT is trading at $49.22. The price has decreased from the day’s opening price of $51.61. Thus, the market seems bearish.

The MACD and signal lines are negative. Thus, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Moreover, both the lines are close to the zero line and may turn positive soon. Hence, we can expect the price to start rising.

Currently, the RSI indicator is at 59%. It faced rejection at 46% and rose to the current level. Thus, buying pressures are slowly building. Hence, the RSI oscillator is giving further credence to the impending price rise indicated by the MACD oscillator.

However, the OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the QNT price.

In short, when we look at all three oscillators together, we can say that as of now the overall market momentum is bearish. However, a trend reversal may be on the anvil. We have to wait and watch if an impending price increase is a temporary corrective price action or the beginning of a bullish trend.

QNT Technical Analysis

Currently, the price is below the first Fibonacci pivot support level of $49.73. The price may soon break out of it and further surpass the Fibonacci pivot point of $50.82. Thereafter, we have to wait and watch if the price continues to increase or starts falling again.

The price has tested and fallen below the 23.6% FIB retracement level of $49.67. It may soon fall below the 23.6% FIB extension level of $48.33. By day end, if the price retests and surpasses these levels, then probably a bullish trend has set in. In that case, the price may continue to rise tomorrow as well.