QNTUSDT reveals an interesting technical pattern, presenting a potential trading opportunity according to Plancton's Rules.On the weekly chart, QNTUSDT is within a falling wedge pattern.
A falling wedge is a bullish chart pattern characterized by converging trendlines with a downward slope. The upper trendline represents the resistance level, while the lower trendline acts as the support level. In this case, the lower trendline aligns with the weekly support area around the $96 price range. This level has proven to be significant in the past, serving as a foundation for potential upward moves.
To initiate a long position based on Plancton's Rules, a clear breakout above the resistance level at the $107 area is required. A breakout occurs when the price convincingly breaches the upper trendline of the falling wedge, often accompanied by an increase in trading volume. This breakout signifies a shift in market sentiment and can lead to a substantial upward price movement.