The price of Quant (QNT) is rising as it makes two attempts to break through the $120 resistance level.
Quant long-term price forecast: bullish
The current downtrend is over after the bears retested the $100 support level twice, but the bulls bought the dips. Thank you to the corresponding upward momentum, the altcoin rose above the moving average lines and retested the resistance at $120. Nevertheless, buyers were discouraged by the recent high. At the time of publication, QNT was trading at $113.11. The cryptocurrency asset will resume its uptrend if buyers are able to keep the price above the $120 high. The altcoin’s price will rise even further and peak between $130 and $140. However, if the bears decide to break the $100 support, the selling pressure will increase.
Quant price indicator analysis
QNT is at level 57 of the Relative Strength Index for the period 14, capable of further upward movement. Moreover, the price bars are above the moving average lines, which will drive the altcoin higher. The crypto asset is above the 80 level of the daily stochastic. This indicates that the altcoin is in the overbought zone and sellers will appear in the overbought zone to push the prices down.
Technical Indicators
Key supply zones: $140, $150, $160
Key demand zones: $110, $100, $90
What is the next move for Quant?
The market is currently fluctuating between price levels of $100 and $120, and selling pressure on Quant has subsided. If the range levels are broken, the altcoin will develop a trend. The strong rejection at the peak of $120 raises doubts about the upward movement. The current fluctuation will continue for a few more days.
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. Readers should do their own research before investing in funds.
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- Source: https://coinidol.com/quant-resistance-120/
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