Quant Challenges $110 High But Risks Further Decline
Cryptocurrency analysts of Coinidol.com report, Quant (QNT) price is rising after crossing the moving average lines.
Quant long term price forecast: bullish
The positive momentum continued to the high of $108 before being stopped at the $110 barrier zone. The recent high on October 26 stopped the uptrend. In the last 48 hours, the cryptocurrency value oscillated below the recent high in anticipation of an uptrend.
A retraced candlestick tested the 78.6% Fibonacci retracement line on the October 27 upswing. The retracement suggests QNT will rise, but then reverse at the 1.272 Fibonacci extension or $117.03. However, if buyers are unable to maintain positive momentum above the $110 threshold, the altcoin will fall. QNT will fall and settle in a range between $94 and $110. The downtrend would continue if the bears manage to break below either the moving average lines or the $94 support.
Quant price indicator analysis
QNT price bars remained below the moving average lines before rising above them on October 26. The price bars are now above the moving average lines for the first time since August 2. The price bars above the moving average lines have been driving the upward movement. The altcoin is making a bullish crossing, which allows traders to place bullish orders.
Technical indicators
Key supply zones: $140, $150, $160
Key demand zones: $90, $80, $70
What is the next move for Quant?
The bulls have broken through the moving average lines, which puts QNT/USD in an uptrend. The current uptrend is having trouble breaking above the $110 level. In addition, buyers have failed to maintain positive momentum between the $110 and $111 levels. QNT came under selling pressure three times after retesting the recent high.
On October 23, 2023 cryptocurrency analytics specialists of Coinidol.com stated that the crypto asset is now trading above the 21-day simple moving average, but below the 50-day simple average. At the time of writing, the altcoin had reached a high of $89.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
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