Quant Price Forecast: February 23
The QNTUSD price will resume an uptrend soon and may likely soar higher to retest the $235.000 high mark. If all the current support holds and the bulls should trigger their efforts and break up the $235.000 supply trend line, the bullish correction pattern may likely extend the coin price to hit the $350.000 high mark. Thus, a turnaround and clear buys signal for the coin holders.
Key Levels:
Resistance Levels: $200.200, $200.300, $200.400
Support Levels: $130.000, $129.000, $128.000
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 below the moving averages.
The coin has been having a series of downward moves by the bears in the past few days and has made the price remain below the supply levels.
The coin price on the daily chart today is currently facing a lower support value and trading at the $132.959 low level. Thus, traders who buy the coin during the bearish market will also make gains in the future.
Hence Quant price may likely reverse at the mentioned support level soon as the market now approaches the oversold region of the daily stochastic; it means that the selling pressure will end soon. This will compel the buy traders to resume an uptrend and may likely break up the $235.000 supply level to further extend to the $350.000 high value in the days ahead in its higher time frame.
QNTUSD Medium-term Trend: Bearish (4H chart)
QNTUSD Will Resume an Uptrend Soon
The coin also trades in a bearish trend market in the short-term outlook. This is due to the interference of short-term traders in the price flow.
The intervention from the sell traders at the $136.950 in the previous action has made the coin price drop below the supply trend line.
Today, the bears further dropped the Quant price down to the $131.039 support value below the two EMAs. Meanwhile, traders who buy during this trend will also make some gains in the future.
Hence, there is a possibility for the price of QNTUSD to experience a pullback at the $136.950 low level as the market is now trading below the 1% range of the daily stochastic.
This means that the selling pressure has been exhausted, and this may bring the emergence of the bulls to resume the bullish trend. If this is achieved, the coin price might turn positive to reach the $350.000 supply value in the days ahead in its medium-term outlook.
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