Quant Price Forecast: January 31
The Quant price is close to the $120.30 supply level and has already increased significantly in the previous actions; obviously, the bears are losing control. The crypto may likely hit the previous high at the $153.78 resistance level provided the current support level at $104.72 holds. As a result, the coin price may extend to the $160.00 upper resistance level and beyond.
Key Levels:
Resistance Levels: $107.00, $108.00, $109.00
Support Levels: $104.00, $103.00, $102.00
QNTUSD Long-term Trend: Bearish (Daily chart)
The QNTUSD pair is trading in the bearish trend market in its long-term outlook. The price is close to the $120.30 supply level slightly below the moving average lines and has confirmed its bearishness.
Activities from the sell traders to a $104.72 low value during yesterday’s session have made the coin price remain below the supply levels in its recent price level.
As a result of price rejection today, buyers have been able to push the price of Quant higher to a $108.82 high level above the EMA-50 as the daily session opens.
Thus, the current price level which is close to the major resistance level is a result of high commitment from the bulls. Should the bulls increase their momentum, the price of Quant might break from the current supply to hit the previous high of $153.78 value which would bring a higher gain to the coin investors.
In addition, the daily stochastic suggests an uptrend by pointing upward. Thus, if the buy traders successfully keep the QNTUSD prices close to the $120.30 resistance level, a retest of the previous high at the $153.78 level is possible which may further extend the coin price to the $160.00 upper high level in the coming days in its higher time frame.
QNTUSD Medium-term Trend: Bullish (4H chart)
The coin is now displaying a bullish posture in its medium-term outlook. The price which is close to the $120.30 supply mark can be seen slightly above the trend line indicating an uptrend. The bulls’ pressure on the crypto in the past few hours has sustained its bullishness in its recent high.
After the interaction from the sell traders, buyers successfully pull back at the $105.73 level which further increases to the $108.82 supply level above the EMA-50 but close to the major breakout; this suggests the start of a new bullish cycle.
Hence, staying above the supply levels indicates a strong possibility for a bullish correction. A strong breakup and close to the $120.30 resistance point would strengthen the bullish pressure.
Furthermore, the daily stochastic signals an uptrend, if the bulls could push harder and move the Quant price close to the $120.30 supply level, the resulting rally may hit the $160.00 psychological level at the upside in the days ahead in its medium-term perspective.
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