Quant Price Forecast: May 8
QNTUSD price is attempting the new supply trend levels at the moment. The crypto is trying hard not to fall by resisting the sellers. Hence, should the buying pressure persist, and the bulls close the daily chart above the $153.83 previous high mark, the ongoing recovery could lead the market price of Quant to remain stable at the upside and stop any further bearish moves.
Key Levels:
Resistance Levels: $101.00, $102.00, $103.00
Support Levels: $94.00, $93.00, $92.00
QNTUSD Long-term Trend: Bearish (Daily chart)
The QNTUSD price is attempting the new supply trend levels with a bearish sentiment in its long-term perspective. As can be seen from the chart below, bullish momentum has just begun below the supply trend levels, which means the bulls are ready to take us higher, to the new supply trend levels.
The interference of short-term traders to the $100.15 low level in the past session has contributed to its bearish momentum in its recent price level.
Today, the bulls, while attempting the new supply trend levels made a pullback at the $101.04 resistance value below the supply levels which further increased to the $103.82 supply value below the EMA-50 as a correction phase with intraday gains.
Such lower price rejection indicates that buyers are defending this level and attempting the new supply trend levels to push the price of Quant higher. Hence, a strong push above the $153.83 supply level will offer strong resistance to the crypto price.
Similarly, more jumps are ahead as the coin price suggests an uptrend on the daily signals which is pointing upwards. This means that the selling pressure is not likely to continue. In light of this, the bulls may likely touch the $150.00 high value in the days ahead in its medium-term outlook.
QNTUSD Medium-term Trend: Bullish (4H chart)
QNTUSD Price Attempting the New Supply Trend Levels
As can be seen from the medium-term outlook, the QNTUSD price is on its way to the new supply trend levels. The momentum here is distinctly bullish. Nevertheless, it seems the bulls will take over the price of Quant soon and push us higher as the market now trades above the supply trend lines.
The bulls have sustained the crypto market at the $101.40 supply value in the previous action, this has made it possible for the coin to attempt the new supply trend levels and stay above the trend line in its recent high.
The bulls made a touch at the $103.82 high mark above the EMA-50 as the 4-hourly chart resumes today. This trend pattern proves the impact of bullishness on crypto.
In addition, the momentum indicator shows that the price of QNTUSD may continue with the bullish trend to the new supply trend levels, so we expect the price distribution to reach the $150.00 supply level and beyond in the coming days in its medium-term outlook.
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