Quant Price Forecast: March 10
The Quant (QNTUSD) price might possibly turn upside as a reversal in the trend and breakout is imminent. Based on the outlook, the market is oversold, should the long traders exchange hands with the short traders at the $119.585 support level and close the daily candlestick above the $235.000 supply mark, the correction phase will extend to meet the resistance at $400.000 upper trend line.
Key Levels:
Resistance Levels: $230.000, $240.000, $250.000
Support Levels: $118.000, $117.000, $116.000
QNTUSD Long-term Trend: Bearish (Daily chart)
The QNTUSD pair portrays a bearish market trend in its long-term outlook. The price responded to the shift in the market structure and is currently trading below the supply trend levels.
The price drop to the $120.957 low value during yesterday’s section has made the coin price trade below the supply levels. This will soon be invalidated as the market is oversold and sellers seem exhausted.
The initial drop to the $119.585 support value below the moving averages as the daily chart opens today is a result of the high bearish impact on the crypto at the present. However, traders who buy the coin during the bearish trend will also make a profit.
Hence, there is a possibility of price reversal at the mentioned support level as the market now trades at the oversold region of the daily signal. This will compel buyers to resume the uphill trend and move the price of Quant up, the $400.000 resistance level might be the bulls’ target in the days ahead in its higher time frame.
QNTUSD Medium-term Trend: Bearish (4H Chart)
In the medium-term time frame, the market is on a downward move. The price has broken down the two EMAs.
The price drop to the $120.958 low value during the previous action has made the price of Quant stay below the supply level in its recent low.
Today, the coin price reached a high of $121.391 value after which the sell traders intervened and smashed the price down to a $119.585 low level shortly after the 4-hourly session opens. With this trend, buyers can buy the coin at a lower price and move the market value of the crypto further up.
Next, the market price of QNTUSD may resume its upside moves soon as the price now approaches the oversold region, thus, price reversal at the$119.585 low level is imminent.
Based on the outlook, should the bulls push higher and close above the $168.383 high mark, a bullish breakout confirmation will reflect the improved market sentiment, hence the coin price might further extend to the $400.000 supply level in the days ahead in its medium-term outlook.
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