The price of Quant (QNT) has retreated and found support above the moving average lines. This is a continuation of the uptrend that was broken on October 26 at a high of $110.
The cryptocurrency is reversing its previous downtrend. The altcoin's rise has continued above the moving average lines. Quant will rise if the altcoin finds support above the moving average lines. A break of the resistance at $110 will see QNT rise to a high of $126. Conversely, the altcoin will remain in its range between $96 and $110, negating the significance of the bullish scenario. At the time of writing, QNT/USD is trading at $100.26.
QNT resumes its uptrend as the price retraces above the moving average lines. This indicates a further rise in the cryptocurrency. If the bears had broken below the moving average lines, the downtrend would have continued. Despite the decline, the moving average lines remain at a positive crossover. The 21-day simple moving average has held above the 50-day simple moving average.
Key supply zones: $140, $150, $160
Key demand zones: $90, $80, $70
QNT/USD is still rallying as it pulls back above the moving average lines. Since October 26, the altcoin's price has been fluctuating between $96 and $110, indicating a potential move higher. As buyers rally, the cryptocurrency has found support above the moving average lines. If the buyers manage to hold the support level of $96, the uptrend will continue.
As we reported on October 28, the positive momentum continued to the high of $108 before being stopped at the $110 barrier zone. The recent high on October 26 stopped the uptrend.
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.