Quant Retests Support At $98 And Fears Further Decline

Sep 12, 2023 at 07:37 // Price
Coin Idol
Quant fears further decline

Cryptocurrency analysts of Coinidol.com report, the price of Quant (QNT) is in a sideways trend, although it is facing a further decline below the existing support.

Quant long-term price forecast: fluctuation zone 

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.

QNT is currently trading in a narrow range between $98 and $100. The market will fall below the previous low of $91 if the bears break the current support. The moving average lines and resistance at $100 could be overcome if the price of the cryptocurrency rises again. The positive trend will continue to the high of $116. Meanwhile, the altcoin is trading in a narrow range above the $98 support.

Quant price indicator analysis

Quant has steadily declined to the Relative Strength Index of 39 during period 14. As it approaches the oversold zone, the altcoin is in a bearish trend zone. The moving average lines are sloping horizontally and are above the price bars. The altcoin is in a range bound move and could go lower. QNT is in a downtrend below the daily stochastic level of 40.

QNTUSD_(Daily Chart) – Sept. 11.23.jpg

Technical Indicators

Key supply zones: $140, $150, $160

Key demand zones: $90, $80, $70

What is the next move for Quant?

The QNT/USD pair is trading near the bottom of the chart, but in a small range. Since May, the cryptocurrency asset has been trading above the $98 support level. Beyond that, the altcoin is trading only below the $100 resistance level. If the fluctuation range is broken, the cryptocurrency will develop a trend.

QNTUSD_ (4 Hour Chart) – Sept.11.23.jpg

As we reported on September 04, The altcoin recovered and broke above the moving average lines on August 26 to reach a high of $105. The positive momentum failed to break through the $112 resistance level, which led to the decline.   

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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