QNT token just broke above the $105 area – its nearest higher high – as the rally regained steam in the past couple of days.

Trading volumes have been above the average in the past 48 hours or so, which favors a bullish short-term outlook following such a strong breakout.

However, the token just broke above the $105 area—its nearest higher high—as the rally regained steam in the past couple of days.

Despite such a strong move, the token encountered strong resistance at the $115 level, which is the neckline of an inverse head and shoulders pattern.

This pattern could result in a 47% short-term gain that matches the height of the pattern’s head.

This means that QNT could rise to $170 based on what technical indicators are pointing out at the time.

Key QNT price levels to watch

At the moment, the token is trading at $104.43.

The token just broke above the $105 area, which is the Fib Pivot Point level.

This level has now turned into the key support to watch down the road for QNT.

The token’s volume profile shows that the $90 – $100 level has also drawn significant volumes. These are, then, the key supports to watch in case of a pullback.

Volume is above average, which favors a bullish short-term outlook following such a strong breakout.

Momentum indicators show uptrend is still quite strong

Momentum indicators show that the uptrend is still quite strong as the Relative Strength Index (RSI) currently sits at 70 and has just entered overbought levels.

The daily chart also shows a potential inverse head and shoulders pattern forming as a result of the price action of the past few months.

If this pattern is confirmed by a breakout of the neckline, which stands at $115, it could result in a 47% short-term gain that matches the height of the pattern’s head.

This means that QNT could rise to $170.