The price of QNT has been moving in a descending channel for approximately 107 days. This highlights a continuous bearish sentiment. As we analyze the chart, two parallel lines define this channel, with the upper line serving as a dynamic resistance and the lower line as support.
Key resistance and support levels are clearly marked, the immediate resistance zone (Green) at $67 – $68.7 and a stronger barrier in the next resistance zone (Blue) at $80.5 – $82.9. These levels align with points where previous price recoveries were halted. On the support side, $58.3 stands out as an immediate support level, and the next strong support zone (Yellow) at $47.9 – $51 This zone is highlighted on the chart and could be critical if the downtrend persists.
Looking at the recent price action, the candles are relatively small with notable wicks on both ends, signifying a degree of indecision or balance between buying and selling forces. However, the presence of lower highs and lower lows within the channel underscores the ongoing bearish trend. A key point for traders will be any breakout from this channel, particularly a move above the upper trendline or above the resistance zone (Green), which could suggest a potential trend reversal. Conversely, a break below the $58.3 level support could further confirm bearish momentum.
Volume trends on the chart do not show dramatic fluctuations but include spikes that correlate with significant price movements, suggesting that these moments are backed by stronger market participation. For traders, particularly those engaged in scalping, closely watching these volume cues alongside price breakouts from noted levels could provide strategic entry and exit points.
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