Quant Price Forecast: July 17
The QNTUSD price showcased a fresh relief rally as it began its bullish correction pattern, registering a daily gain of 2.84%. However, the increasing volume in the buying pressure is accompanied by the interest among market participants to initiate long positions. As a result, if buyers can exert more effort in their market tension, the trend will shift upward to hit the $150.00 high mark and expose it to the $160.00 upper resistance level, suggesting a high interest among the long traders.
Key Levels:
Resistance Levels: $70.00, $80.00, $90.00
Support Levels: $55.00, $50.00, $49.00
QNTUSD Long-term Trend: Bearish (Daily chart)
After updating the brief lows, the Quant price begins its bullish correction to counter the bearish thesis in its long-term view. The price is trading below the EMA-50, indicating a bearish trend. However, the trend is about to increase, as the crypto begins its bullish correction at the support level.
The Quant price has fallen below the supply trend lines in recent times due to a sustained low of $68.30 by the bears on the 11th of July. But it now appears like the bulls have started another bullish correction to catapult the coin price to a higher level.
The price responded to the shift in the market structure and is currently below the moving averages at the $75.98 supply value as the daily chart opens today, indicating an attempt by the bulls to begin the bullish correction pattern.
Hence, the bullish correction might be triggered, and the price of QNTUSD may increase further to break up the $150.00 previous high value if the bulls could add more aggressiveness to their buying forces.
Additionally, the daily stochastic suggests an uptrend. It indicates that the selling pressure is unlikely as the bulls begin the bullish correction, resulting in a $160.00 resistance trend line or higher in the long-term forecast.
QNTUSD Medium-term Trend: Bullish (4H chart)
QNTUSD Begins Its Bullish Correction
Having started another bullish correction, the Quant market remains bullish on the medium-term outlook. This is clear as we can see the prices making higher highs and higher lows above the EMA-50.
The sustained bullish pressure at the $74.06 resistance level during yesterday’s session has made the coin begin its bullish action today and remain above the supply levels.
At the press time, the QNTUSD pair begins its bullish correction pattern and swings to a $75.98 high value above the EMA-50 as the 4-hourly chart opens today, indicating that the bulls are set to begin another bullish correction rally.
Thus, the currency pair could grow further if the buy traders managed to break up the $81.60 previous high level, maintaining a further growth potential for the buy traders.
Meanwhile, the market may continue to rise, provided the bulls do not relent. In light of this, the bulls could swing the coin price upward and may eventually hit the $160.00 supply value in the next few days as it begins its bullish correction in its medium-term perspective.
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