QUANT Price Prediction: Will QUANT recover back to $150?

• QNT/USDT is up 10% from its recent swing low
• QNT/USDT is 10% below the daily 200 EMA
• QNT is trading at $103.5.

QUANT prices are in turmoil due to selling pressure since January. QNT is up by 2.91% in the past 24H. The total Market Cap is $1,270,416,930 and 24H trading volume is down by 0.11%

QUANT is facing the wrath of bears as the price failed to sustain above the $158 resistance. The current market price for QNT is $103.5. QNT declined by almost 35% in the last 6 months. The price appears to be recovering from its swing low. This can be justified by the formation of a bullish engulfing Candle which shot the prices up by almost 20%. 

The Price could be forming a potential double-bottom 

As per the Daily chart, QNT appears to be forming a potential double bottom. After the formation of the Bullish engulfing candle, the price took a rejection for the 200 EMA and prices fell down by almost 15%. The Bulls Quickly showed up pushing the price back which suggests that the price is getting strong support at $100.

On the upside, the Bulls will have to clear the hurdle of $118 to maintain a steady trajectory toward $150. A sustained breakdown of $100 can result in a decline of 16%  where the price will be forced to test the lower support of $85.

The 4h Chart shows the increase in volatility

According to the 4h Chart, the price is bouncing between key support and resistance. The recent swings display that the volatility has increased and traders must remain cautious. Price is getting rejected from the 4H-200 EMA which is not a good sign for the Bulls.

The Volume bars on the chart show the increased participation in the market. This means QNT is trading in key areas of interest and one can expect increased volatility. The buyers must show conviction during this phase to ensure a healthy price recovery. Failure to comply will result in further extension of the bear market.

RSI: The RSI indicator is currently at 54.04 on the 4H and the RSI has Crossed the MA line towards the upside. This indicates a bullish to sideways condition

MACD: The MACD indicator made a bullish crossover and is trying to go above the 0 lines. This indicates bullish to sideways momentum.

200 EMA: As observed, on the 4hr, the price is trading below the 200 EMA(exponential moving average) which acts as a significant resistance. This is a clear indication of a downtrend where the sellers are in control and for a trend reversal, the price must break and trade above the 200 EMA.

Technical levels

Support Levels: $100 – Support 1

    $85.5 – Support 2

Current Price: $103.5

Resistance Levels: $118 – Resistance 1

          $133 – Resistance 2

Conclusion:

QUANT is amidst the bearish sell pressure as the price continues to slide. A recent bounce from the support has revived the hopes for the Bulls. The buyers must step in and help the price to recover further. A capture of $118 Will increase the probability of reaching $150. Weakness from bulls can result in further downfall. A breach of key support levels means the market is not ready to recover soon. Meanwhile, this can be a good opportunity for investors who have good risk management skills as the potential for upside is quite rewarding.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.