Quant Price Forecast: January 24
The QNTUSD pair is in a downward trend, after updating the lows; its price retracement may surge above the $153.83 resistance level to reclaim the bullish recovery pattern. Should the coin price make a retest at a $144.59 high mark and sustain above the $153.83 price level, the potential rally could surge higher to hit the $160.00 trend line and beyond.
Key Levels:
Resistance Levels: $108.00, $109.00, $110.00
Support Levels: $100.00, $99.00, $98.00
QNTUSD Long-term Trend: Bearish (Daily Chart)
The QNTUSD pair portrays a bearish market trend and is liable for a price retracement soon in its long-term outlook. The price responded to the shift in the market structure and is currently below the moving averages. However, its price retracement after updating the lows may surge above the $153.83 resistance value as the market is oversold already.
The bearish pressure at the $112.50 support level during yesterday’s session has made the coin stay below the supply trend levels in its recent low.
Today, as an outcome of low bullish momentum, the price action of Quant dropped down to a low at $108.00 level below the moving averages on the medium-term chart.
Thus, if buyers eventually wrestle trend control from sellers and retrace from $108.00 support, the price retracement may surge above the $153.83 previous high level to confirm the potential Bull Run.
In conclusion, the price of QNTUSD is currently trading below the 10% range of the daily stochastic. It is expected that the coin price to retrace from the $108.00 low level to a higher resistance mark soon as the coin market is oversold already.
Thus, the price retracement may surge above the $153.83 accumulated zone to hit the $160.00 upper high mark in the coming days in its higher time frame.
QNTUSD Medium-term Trend: Bearish (4H Chart)
QNTUSD is trading in a bearish market at the moment. The market trading on the negative side is also facing resistance and its price retracement may surge above the $153.83 high level, so the bulls are also trying to resist the short traders from penetrating.
The sustained bearish pressure to the $109.01 low level in the previous action has led to the coin’s recent price level.
Thus, the Quant’s price retracement at the $110.37 supply mark indicates the return of the long traders to dominate the market at the moment. If an additional strength is been added by the bulls, the price retracement may surge above the $153.83 resistance level soon.
Adding to that, the coin price indicates an uptrend on the daily signal, therefore, the current correction phase may likely continue, we can now expect the price to reach a significant level at the $160.00 supply trend line in its medium-term perspective.
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