Quant (QNT) Price Analysis: Bearish Long-Term Forecast
The price of Quant (QNT) has dropped below its lowest level, indicating a bearish trend. On September 11, the bears managed to break through the lower price level, reaching a low of $90. However, the altcoin saw some buying activity as it entered a new price range between $90 and $94. Despite this, Quant remains heavily oversold in the market.
If the support level at $90 holds, there is a possibility of recovery for the cryptocurrency. On the other hand, if the price manages to break the resistance at $94, an uptrend may resume. Currently, the 21-day line SMA is slowing down the upward movement, but a break above the moving average lines could indicate the start of a new uptrend.
Quant Price Indicator Analysis
Quant has entered an oversold area on the Relative Strength Index (RSI), with a level of 27 for the 14-period. The price bars are trading just below the moving average lines. Additionally, QNT has reached the oversold zone on the market’s Stochastic indicator, with negative momentum stalling above the current support.
Technical Indicators
Key supply zones for Quant are at $140, $150, and $160, while key demand zones are at $90, $80, and $70.
What’s Next for Quant?
Quant is currently trading within a narrow range near its lower chart levels. Last week, it was stuck between $90 and $94. However, as it has already reached oversold territory, further declines are unlikely. If buyers emerge in this oversold area of the market, there is potential for an uptrend to resume.
Since August 17, the upward movement of QNT has been hindered by the shifting average lines or resistance at the $100 level. The moving average lines have rejected the cryptocurrency’s price twice, as we reported on September 12.
Hot Take: Quant Faces Resistance at $100 Level
Quant (QNT) is currently facing resistance at the $100 level, hindering its upward movement. Despite reaching oversold territory, there is a possibility of a recovery if buyers enter the market. However, if the support level at $90 fails to hold, further declines may occur. Traders and investors should closely monitor the price action and key levels to make informed decisions about their QNT holdings.
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