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Qredo (QRDO) Price Could Increase by Nearly 300% in the Near Future

The price of Qredo (QRDO) has broken above a long-term resistance line and shown decisive bullish signals. A strong rally may occur in the near future.

Weekly Outlook

The Qredo (QRDO) price has been trading below a long-term descending resistance line since January 2023. After several rejections from the resistance line, the QRDO price finally broke above the resistance line during the week from February 26th to March 3rd, 2024.

The breakout occurred with a bullish engulfing candlestick with very high trading volume, signaling a potential trend change. Last week, the price successfully confirmed this line as support (green arrow). This is a common signal after a breakout and often leads to the continuation of the uptrend.

The weekly RSI indicator has formed a significant bullish divergence and crossed above 50, indicating that the bulls have regained control.

If the price continues to rise, it could reach up to 283.91% to the long-term resistance zone at $0.24. This is where the long-term descending resistance line is formed.

ANKR/USDT weekly chart. Source: TradingView

Maintaining Short-Term Bullish Structure

The daily chart shows that the QRDO price bounced up from the significant support zone at $0.05 on March 19th, 2024, and formed a morning star pattern (green arrow). This is a bullish pattern often seen at the end of a correction.

Furthermore, this has maintained the bullish structure formed since February 24th, 2024.

The daily RSI indicator has reclaimed the 50 level and sloped upwards, supporting the possibility of a recovery.

Therefore, the QRDO price could rise to the nearest horizontal resistance zone at $0.09 in the coming days.

ANKR/USDT daily chart. Source: TradingView

Conclusion

The most likely scenario suggests that the QRDO price will continue to rise in the near future. The nearest target is found at $0.09 and higher towards $0.24.

The bullish outlook may be invalidated if the QRDO price closes the daily candle below the $0.05 zone.

Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.

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