tradingraider

QNT - Technical Analysis

tradingraider Updated   
COINBASE:QNTUSD   Quant
An interesting and personal favorite project which is definitely under the radar for the long-term.
QNT has been consolidating for quite a while now.

Here you can see on the daily chart that QNT is in a downtrend towards $82.41/QNT - An optimal entry position for either a short or several long positions. Anything between $100-$80/QNT is a good price imo.
It looks to me like the consolidation period on QNT is slowly coming to an end and is preparing to break out of the triangle (Yellow straight lines) for a massive pump towards its previous resistance and then the ATH Resistance.

-The RSI is just a tiny bit below 40 = Oversold at 39.87 RSI MA.
-Low volume just at $14.41m/8.26K QNT.
-Price is dangling between Sine Lines (marked with Dashed curvy lines - red=sell, green=buy)
-Main Support has been tested several times since ATH. The main support needs a few more retests, my projection (orange cross) sets it towards 30th of June.
-The price seems to keep dangling in the yellow triangle for now and is cooking up for a breakout.

My Strategy for long-term LONG Position:
-I Consider adding stacks until we are moving in the Main Support between $100.12 and respectively $82.41/QNT with very small leverage. Waiting for a breakout upwards of the triangle. In case it rips with high volume, consider it an uptrend.
-Target1: Main Resistance Low $151.90/QNT (low risk)
-Target2: Main Resistance High $231.11/QNT (normal risk)
-Target3: approaching ATH zone $320.25 (high risk)
-Target4: ATH $433.55 (VERY high risk)
-Target5: New ATH $600/QNT (Highest Risk)

On the contrary you can expect a breakout downwards:
-I consider Open a small short position at $82.41/QNT or lower
-SL Above $100/QNT
-TP1:$64.66/QNT
-TP2:$49.66/QNT
-TP3:$41.53/QNT (high risk but quite possible)

-I also consider stacking and increasing my position with small amounts on the way down.
-Stack1 at: $64.66/QNT
-Stack2 at: $49.66/QNT
-Stack3 at: $41.53/QNT
Ultimately it can even break the Absolute Bottom. If it does I will consider further adding to my position.
Trade active:
Followed the chart nicely so far. Price may still spend more time inside the Yellow triangle before a breakout. A little bit more time is needed, but I know something's cooking.
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