Quant (QNT) is still bearish, but is in an upward correction.
The upward correction was completed at the high of $136. The cryptocurrency asset is currently trading at $134.95 as this article is being written. At $136.00, the altcoin rallied and entered the overbought zone. Every time it encounters resistance in the overbought zone of the market, the cryptocurrency will fall. In the previous price movement, Quant fell to a low of $119 before it started to rise. However, the downtrend will resume if the bears fall below the $120 support. QNT will fall to the Fibonacci extension level 2.0 or $95.28. The altcoin is currently trapped between the moving average lines. This means that QNT will be forced to move between the moving average lines for a few more days.
QNT is in an upward correction as it has reached the 58 level of the Relative Strength Index for the 14 period. The altcoin may fall as it encounters resistance from the recent high. However, it is possible that the altcoin resumes its movement within the trading range as the price bars are between the moving average lines. The daily stochastic is overbought and is above the 80 level. According to reports, QNT has reached bullish exhaustion and may now start to fall.
Key supply zones: $140, $150, $160
Key demand zones: $120, $110, $100
Since March 9, Quant has moved sideways as the downtrend has slowed. Between current support and the recent high, QNT/USD has moved in a range over the past week. If the price falls below the $110 support, the downtrend will resume.
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.