Quant (QNT) has been one of the few assets to separate itself from the rest this year in the sense that it escaped a strong down trend and cut through resistances like they didn’t even exist. Climbing as high as 500% in a matter of weeks off the bottom where it peaked in July at around .0014 Satoshi’s.
However since then it had fallen rapidly and momentarily appeared to have lost it’s bullish trend on the HTF. This can be based on the market structure itself.
In the last two weeks bulls have able to reclaim it with a very large impulsive move after consolidating below resistance and now look to challenge areas were the two prior downtrends originated from
On the daily time frame we can see how important the .000553 level has been historically as both a support and resistance on trend changes. It has played a part in many impulsive moves.
Recently it lost that key level and had been consolidating below however it was quickly bought back up and reclaimed. If QNT is to continue into more bullish territory we could expect a move up towards .00767.
The outlook for now is bullish as the short term trends looks to have changed and now favor the bulls but it is sitting under another key resistance.
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Pentoshi is a macro trend trader who specializes in price action technical analysis utilizing high time frame pivots. A full time Crypto trader who is now directing focus on trading education.
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