Quant Price Forecast: August 12
QNTUSD is likely to face the positive side soon. The crypto indicates a possible pullback at the above-mentioned support. After testing the bottom support, a usual response would be a bullish reversal; should buyers eventually wrestle trend control from sellers and pullback from the $101.08 support level, the bullish momentum might possibly drive the coin price to a high at $400.00 upper resistance trend line.
Key Levels:
Resistance Levels: $130.00, $140.00, $150.00
Support Levels: $99.00, $98.00, $97.00
QNTUSD Long-term Trend: Bearish (Daily chart)
The QNTUSD pair is in a bearish market zone in its higher time frame as can be seen from the chart above. The price responded to the shift in market value and is currently trading below the two EMAs. This is an indication of a downtrend.
The bearish intervention to a $100.78 low value in the previous action has made the price of Quant trade below the supply trend levels in recent times.
Today, buyers are trying hard to remain above the $112.43 supply mark, so there is a possibility for the coin price to pull back at the current support of $101.08 to invalidate the bearish theory.
Should the buying traders change their orientation and exchange hands with the short traders at the $101.08 low value, the Quant price could turn positive and kick start a new recovery cycle and may push the price above the $146.84 price level which might set the potential for future growth.
Meanwhile, there is a possibility of price pullback at the mentioned support level as the market is now below the level 10% range of the daily stochastic. It means that the coin market is oversold. This implies that the selling momentum will end soon and the time to gain more strength from buyers is near.
In light of this, the next bullish correction phase could reach a high at the $400.00 upper supply mark in the days ahead as we watch the QNTUSD market turns bullish sooner in its long-term outlook.
QNTUSD Medium-term Trend: Bearish (4H chart)
QNTUSD Price Pullback at the $101.08 Support Value
Quant portrays a bearish market trend in its medium-term outlook. The price responded to a shift in the market structure and is currently below the moving averages. However, it is very likely that the upward trend will resume after a potential upcoming dip.
The buying crew made an increase to a $101.99 high mark below the moving averages as a pullback as the 4-hourly chart opens today to resume its recovery trend.
The $101.99 price level served as a solid resistance for the coin price as a pullback below the two EMAs as the 4-hourly session resumes today. Because there is currently a bullish correction in place, it is extremely likely that buyers will continue climbing.
A potential breakout from this trend line could intensify the bullish momentum and may surge the polygon coin to the accumulation zone of the $114.17 level.
Notably, the QNTUSD price will still go up as indicated by the daily stochastic which is pointing upward in the oversold region. We can therefore expect the new shift in trend to reach a high at the $400.00 trend mark soon in its medium-term time frame.
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