Cryptocurrency analysts of Coinidol.com report, the price of Quant (QNT) is falling below the moving average lines after being rejected twice at the $120 high.
Quant is currently trading for $105.22 at the time of writing. As the altcoin struggles to maintain its position below the moving average lines, further upside appears doubtful.
The cryptocurrency is likely to continue moving lower, according to the price indicator. After the February 13 price decline, QNT experienced an upward correction with a candlestick touching the 50% Fibonacci retracement level. According to the correction, QNT could fall to the $94.17 level or the 2.0 Fibonacci extension level. Since then, QNT has fallen to a low of $105.
The recent slump has pushed QNT to level 49 on the Relative Strength Index for the 14 period. This means that the market has reached its price equilibrium. That is, supply and demand have reached an equilibrium point. With the price bars below the moving average lines, the altcoin may continue to face selling pressure. QNT is in a downtrend below the daily stochastic value of 75.
Important supply zones: $140, $150, $160
Important demand zones: $100, $90, $80
The cryptocurrency asset is expected to fall further as it is in the bearish trend zone. In the recent price action, buyers were unable to keep the price above the $120 resistance level. Selling pressure could increase if the price falls below the moving average lines.
On Jun 17, 2023, Coinidol.com reported that: 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.
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 own research before investing in funds.