QNT has broken above the $110 after a rapid rally, forming a clear bullish structure. Previously, the asset broke the confirmed Supply zone around $99–$100, made a brief retest of $100 as support, and continued upward with a sharp impulse. This may reinforce the reliability of the $99–$100 area as the former supply, while the uptrend seems to continue with no significant pullbacks.
At the moment, the $102.70–$104.20 and $94.60–$96.00 areas remain key demand zones that support the trend. These zones have not been fully retested following the last impulse, which may enhance their significance in the event of a retracement. The structure remains bullish as long as the $104 low is not broken and confirmed to the downside.
What EMA Says?
EMA 20/50/100/200 also supports the potential for continued growth, aligning with the ongoing impulse phase.
- In particular, EMA-20 is firmly upward-sloping and is now positioned around $108.3–$108.5, confirming local support during shallow pullbacks.
- EMA-50 and EMA-100 remain positively aligned, though less prominent, currently positioned near $101.3 and $99.1 respectively – closely aligned with previously defined demand zones.
- EMA-200 is not actively involved in the current move yet and remains around $97.6, but if a deeper correction occurs, a retest of this level could act as the final line of support in a bullish scenario.
Candles & Reactions
Still, within this relatively stable and at times aggressive upward move, I would highlight signals suggesting a possible local slowdown, for instance, you can see the candle with a very long upper wick at the $111.67 area. However, the follow-up rebound to $111.17 has not confirmed any weakness so far – the current candle remains in a positive trend. More important is the subsequent red candle with a close of around $109.3, which adds to the uncertainty, as the price pulls back below the prior session high and closes near the EMA-20.
Also worth noting: around $111 we no longer see the same strong bullish continuation seen in previous breakout candles – candle bodies are shorter, and upper wicks are getting longer. That said, no clear reversal patterns are evident at this stage, and overall price behavior remains within the bounds of a controlled upward trend.
Market Sentiment
A slowdown after such a rapid move is to be expected, and price hesitation around $111.50–$112.00 likely reflects profit-taking. A correctional candle is forming, pointing to increased seller activity. Still, the bullish initiative remains in control for now, and there’s no sign of a significant retracement yet.
The key question is whether the price will hold above the $107–$104 range on the next pullback. Holding this zone would validate the strength of the trend and potentially provide a base for continuation from new support levels after following corrections.
- Bullish Scenario. If we look at this optimistically, the price may hold above $110. A controlled pullback into the $107 zone followed by a bounce could lead to a continuation of the impulse toward $114. A renewed approach to $111.50 without breaking EMA-20 would further support this outlook.
- Bearish Scenario. If selling pressure from profit-taking breaks EMA-20, this could lead to a move below $107 and potentially open the way to retest $104. A breakdown of that zone may trigger a move toward $101 and deeper, possibly aligning with EMA-100 and EMA-200. For now, I would closely watch how the trend direction interacts with EMA levels.
Conclusion
This is still a strong and sustained uptrend, which so far hasn’t exhausted itself – but it is starting to show early signs of deceleration.
Price reaction at key levels in the next 2–3 candles may be the deciding factor for whether the impulse continues or a local correction phase begins. However, there are no signs of a full trend reversal at this stage.
