Quant Hovers Above $120 As It Reaches Bearish Exhaustion

Quant (QNT) is currently trading in the downtrend zone and continues to encounter rejection at the $135 resistance zone.

Quant long term price forecast: bearish

The cryptocurrency asset was trapped between the moving average lines for a week after the initial rejection. As selling pressure increased on March 24, the bears broke through the 21-day line SMA. QNT hit a low of $120.93 at the time of writing, and as sellers crossed the 21-day line SMA, the altcoin will fall and retest the next support level at $106. Quant fell as low as $105 before recovering in December 2022; at the same time, the market is oversold and the cryptocurrency fell to a low of $120.

Quant price indicator analysis

The Relative Strength Index value for QNT for the period 14 has dropped to level 43. The altcoin is vulnerable to further price decline as long as it is in the bearish trend zone. The price of the coin is currently falling as it is below the moving average lines. The daily stochastic value of 20 is below QNT. Although buyers are expected to be around, the current decline has already reached the oversold zone.

Technical indicators

Key supply zones: $140, $150, $160

Key demand zones: $120, $110, $100

What is the next move for Quant?

On the 4-hour chart, QNT is in a sideways trend. Since March 14, the price of QNT has been fluctuating between $120 and $136. The value of the asset in cryptocurrencies has fallen and will continue to fall. The altcoin will fall much more if the current support is bearish.

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.

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• Source: https://coinidol.com/quant-hovers-120/