The price of Quant (QNT) has almost completed its correction which has been continuing since October 17. Later, an upward move is expected which could take it towards $270.
On June 15, QNT began an upward move and broke a long-term descending resistance line. Before the breakout, the line was in force from September 2021.
The price chart is showing that the QNT is rising at an accelerated rate and reached a high of $228.1 on October 17th. The 0.5 Fib retracement high of $237.50 is very close to the resistance level.
The price of Quant has been falling ever since. If the decline continues, the $150 area is expected to provide support. The area provided resistance before the breakout.
The weekly RSI is supporting the legitimacy of an uptrend. It went above the 50 line and was later validated as support (green icon). The indicator has been rising since then and is not yet in overbought territory.
QNT price is completing a fourth wave pullback
The overall upward movement since June 13 looks like the start of a new bullish trend. If true, QNT price has just completed wave 3 and is now completing wave 4 pullback.
The most likely area for correction is near the 0.5 Fibonacci retracement support level (white) at $157.60, as it also coincides with the horizontal support area above.
Later, the fifth and final part of the upward move could take the price of Quant towards $270. The target is found using the outer Fib retracement on wave four (black) and the length of 0.618 waves one and three (red).
Conversely, a decrease below the $131 wave higher (red line) would invalidate this bullish QNT price prediction.
New upward price movement begins
To conclude, the bullish technical analysis readings and wave count from the weekly chart support the possibility that QNT price will undergo another upward move.
In the longer term, this movement could possibly be wave A or wave a major move that could take the future price to a new all-time high.
However, a correction period (highlighted) is expected in advance.
As stated earlier, a downside break from a wave higher at $131 would invalidate the bullish hypothesis.
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