- Quant token (QNT) is drawing a bearish chart pattern on a daily price chart.
- Buyers started accumulating QNT token at 20-day moving average earlier in the intraday trading session.
- Trading volume is increasing, suggesting more than average selling in altcoin.
Quant token (QNT) outlook is considered bullish by the investors, who bought assets close to the latest 52-weeks low. For long-term prospective, buyers are still looking bullish on QNT crypto but recent price action displayed some negative hints, which may alter direction view. Due to uncertainty in the crypto Market, would you sell QNT ahead?
From Mid-June to Mid-August, bulls have recorded a feverish rally, and gained over 200% gain in a matter of two months. Due to the bullish rally, the $40 to $50 zone turned into the bulls hedge zone which is far from the current price of QNT token. Meanwhile, Quant token along with USDT pair is trading at the $99.5 mark at the time.
The conceptual round level of $100 is the red zone of volatility, today’s price closing will determine the next short-term move of QNT. Although, price action is forming head and shoulder pattern on a daily price scale, bears are on the brink of drawing the right-shoulder of bearish pattern, any breakdown below $80 to $85 zone may lead price to retest bulls hedge zone.
Trading volume was decreasing till last week, but speculators saw an increase in volume, indicating bears are ready to drag the QNT price lower. Resulting in, the market cap of QNT token is down 5.9% in the last 24-hours at $1.2 Billion.
Buyers Need to Close Today’s Price Candle Above $100 Level
The QNT Crypto price is spotting at 20-day moving average because it bears sold-out crypto near 50-DMA (blue). Notably, bulls are attempting to manage asset prices above 20-DMA to keep themselves far from heavy sell-off. Furthermore, the RSI indicator seems to be neutral as it remains close to halfway on the daily price chart.
The Quant token (QNT) is looking slightly neutral in intraday trading sessions due to hovering at the conceptual round level of $100. However, price action shows a bearish chart pattern for QNT, but if bulls manage to keep the price above $85 to $80 (support zone), the directional trend may change again.
Support level – $100 and $80
Resistance level – $150 and $200
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.