Quant (QNT) price has nearly completed its correction that has been ongoing since Oct. 17. Afterward, an upward movement is expected that could take it all the way to $270.
On June 15, QNT initiated an upward movement and broke out from a long-term descending resistance line. Prior to the breakout, the line had been in place since Sept. 2021.
The price chart shows that QNT has been increasing at an accelerated rate since and reached a high of $228.1 on Oct. 17. The high was made very close to the 0.5 Fib retracement resistance level at $237.50.
Quant price has been falling since. If the downward movement continues, the $150 area is expected to provide support. The area provided resistance prior to the breakout.
The weekly RSI supports the legitimacy of the upward movement. It moved above the 50 line and validated it as support afterward (green icon). The indicator has been increasing since and is not yet even in overbought territory.
QNT Price is Completing Fourth Wave Pullback
The entire upward movement since June 13 resembles the beginning of a new bullish impulse. If correct, the QNT price has just completed wave three and is now finishing a fourth wave pullback.
The most likely area for the correction to end is close to the 0.5 Fib retracement support level (white) at $157.60, since this also coincides with the aforementioned horizontal support area.
Afterward, the fifth and final portion of the upward movement could take the Quant price all the way to $270. The target is found using an external Fib retracement on wave four (black) and the 0.618 length of waves one and three (red).
Conversely, a decrease below the wave one high (red line) at $131 would invalidate this bullish QNT price prediction.
New Upward Price Movement Starts
To conclude, the bullish technical analysis readings from the weekly chart and the wave count support the possibility that the QNT price will undergo another upward movement.
In the longer-term, this movement is likely wave A or wave one of a bigger move that could take the future price will into a new all-time high.
However, a corrective period (highlighted) is expected beforehand.
As stated previously, a decrease below the wave one high at $131 would invalidate the bullish hypothesis.