Since peaking at $430 on Sept. 10, 2021, QNT has experienced a prolonged bear market, culminating in a recent retest of key support levels.
After peaking at $430 on 10 September 2021, QNT has been in a bear market. It first fell to $40 in June 2022.
On 19 October 2022, QNT ended its first major recovery since the all-time high at $230, after which it entered another period of continuous declining price action.
On 5 August, the QNT price fell close to $50, and on 4 November, it again retested this horizontal zone, ending on a slightly higher low of $54.
This could have marked the conclusion of the highest-degree WXY correction from the all-time high, especially as the daily chart Relative Strength Index (RSI) fell to the oversold zone at 30%.
We saw a 22% increase, and although the price is still bearish, there are signs of the starting bull phase. The first is that QNT established a higher price plateau above $50, with the RSI touching the oversold zone.
Second, from October’s peak in 2022, we have seen a three-wave advancement to the downside, a typical sub-division of the corrective waves. Finally, its bullish price action came after a period of sideways movement, indicating that QNT might have finished its consolidation phase.
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