QNT Technical Analysis: Trading Below the Fibonacci Pivot Point of $77.27

QUANT was developed to bridge the gap between use cases of different blockchains. It aims to increase the efficiency and interoperability of the network. Quant works as an operating system (OS). This operating system is built as OS distributed ledger technology. Let us look at the technical analysis for QNT.

Past Performance

On July 09, 2021, QNT opened at $74.73. On July 15, 2021, QNT closed at $71.55. Thus, in the past week, the QNT price has decreased by approximately 4.25%. In the last 24 hours, QNT has traded between $70.84 – $75.74.

https://www.tradingview.com/x/yUo8lTtz/

Day Ahead And Tomorrow

Currently, QNT is trading at $72.40. The price has increased from the day’s opening price of $71.98. Thus, the buyers seem to dominate the market today. The price is currently taking support of $71.98 and is moving in a parallel channel. Traders can either wait for the price to break the channel on either side, or they can do scalp trading between the channel range.

On the daily chart, the MACD and signal lines are in the positive zone. However, due to the high selling pressure, a bearish crossover by the MACD line over the Signal line has occurred. Also, the overall market momentum seems bearish, so we might see a small pullback in the price for some hours.

QNT Technical Analysis

Currently, the RSI indicator on the daily chart is at 49.12%. It faced rejection at 72% and fell to this level. Thus, sellers are dominating the current market. We have to wait and watch if buying pressures become strong enough to bring about a trend reversal, as RSI is currently at its long-term support mark.

Currently, the price is trading below the Fibonacci pivot point of $77.27. If the bears remain strong till day end, and if the price breaks the immediate support level of $71.98. Then, the price is likely to fall below the first, second, and third support levels of $65.6, $59.1, and $56.70, respectively.