Quant Hovers Above $85 As It Reaches Bearish Exhaustion
October 17, 2023The latest price analysis by Coinidol.com report, Quant (QNT) price is falling below the moving average lines.
Quant long-term price forecast: bearish
Selling pressure is currently easing above the $85 support. The altcoin’s price has been hovering between $85 and $93 since September 26, but the 21-day line SMA has been holding back the higher price action. Currently, QNT is on the rise but is being held back by either the $87 high or the 21-day line SMA. On the downside, a renewed downturn will start if the $85 support is broken and the downward momentum continues. However, the altcoin will resume its climb if it bounces back above the $85 support. The price of the cryptocurrency is currently in the middle of the price range.
Quant price indicator analysis
The barrier line is formed by the 21-day line SMA, which slopes downwards along with the 50-day line SMA. The price bars are in a range but below the moving average lines. If the lower price range is broken, Qunat will fall. Since a further decline is unlikely, the altcoin is currently heavily oversold.
Technical indicators
Key supply zones: $140, $150, $160
Key demand zones: $90, $80, $70
What is the next move for Quant?
QNT/USD has been trading in a range above the $85 support for more than two weeks. On the chart, the altcoin is now trading at the bottom. The cryptocurrency bear market has run its course. The altcoin has been trading above the $85 support in anticipation of a possible bounce. If the altcoin is rejected at its current price of $87, it will fall.
On October 8, 2023 cryptocurrency analytics specialists of Coinidol.com stated that The upward movement of the price was stopped by the moving average lines. The moving average lines have prevented the positive trend of the cryptocurrency from continuing.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
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