QNT Technical Analysis: Price Is Likely to Fall Below Support Levels of $79, $76, and $71

Quant (QNT) was developed to bridge the gap between use cases of different blockchains. It aims is to reduce the efficiency and interoperability of the network. Quant works as an operating system (OS). This operating system is built as OS distributed ledger technology. The following QNT technical analysis will predict the price trends for the next two days:

Past Performance

On June 26, 2021, QNT opened at $93.76. On July 02, 2021, QNT closed at $74.78. Thus, in the past week, the QNT price has decreased by approximately 20.34%. In the last 24 hours, QNT has traded between $65.35 – $78.52.

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Day Ahead And Tomorrow

Currently, QNT is trading at $80.48. The price has increased from the day’s opening price of $73.11. Thus, the market seems bullish.

The MACD and signal lines have entered the positive zone on the hourly chart. Moreover, a bullish crossover by the signal line over the MACD line has occurred. But, the overall market momentum is bearish. Hence, the price may decline further, if the price sustains below the level of $83.

Currently, the RSI indicator on the hourly chart is at 76.12%. It faced rejection at 54% and fell to this level. Thus, buying pressures are slowly mounting. We have to wait and watch if selling pressures become strong enough to bring about a trend reversal for QNT.

The OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the QNT price.

In short, when we look at all three oscillators, we can say that the price may continue to rise for a few hours. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend.

QNT Technical Analysis

Currently, the price is below the second Fibonacci pivot point of $83. If the bears remain strong till day end, then the price is likely to fall below the first, second, and third support levels of $79, $76, and $71, respectively.

The price has tested and fallen below the 38.2% FIB retracement level of $83. It may soon fall below the FIB retracement level of $79. Thereafter, we have to wait and watch if the price retests and breaks out of these levels. In that case, the price upswing is likely to continue tomorrow as well.