The Quant(QNT) price is bearish after hitting a low of $129 today.
Previously, the cryptocurrency asset was trending upwards. Prior to this price move, QNT climbed to a high of $163.00 on January 25. The market entered an overbought zone, which made it impossible to continue the uptrend. In the overbought zone, sellers seemed to drive prices down. The cryptocurrency fell below the moving average lines today. QNT is above the 50-day line SMA, but below the 21-day line SMA. On the downside, selling pressure will increase if the bears break below the 50-day line SMA. The market will continue to fall until it reaches one of the two lows: $110 or $120. However, the altcoin will continue to trade between the moving average lines for a few more days if the 50-day line SMA provides support.
For period 14, QNT is at level 46 on the Relative Strength Index. The altcoin has entered the area of a downtrend. In the downtrend zone, Quant is vulnerable to further declines. As long as the price bars remain between the moving average lines, the cryptocurrency could continue its movement within the trading range. The positive momentum of the cryptocurrency is currently above the daily stochastic threshold of 25.
Key supply zones: $140, $150, $160
Important demand zones: $120, $110, $100
Quant's value has been falling. Bearish fatigue has been reached due to selling pressure. The oversold area of the market is where the cryptocurrency has fallen. Since February 9, the altcoin has continued to rise while maintaining existing support. If QNT rises above the 21-day line SMA, the bullish momentum will return.
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.