After a brief bounce back in late last month, QNT resumed drops and slid steadily until the price nears support. It is currently on the verge of breaking lower, but supply looks presently low.
QNT is back in a downward range after taking a short break a few days ago. It looks poised for a major leg down as it slowly approaches the previous monthly low, although the pressure looks weak at the moment.
Technically, it appeared to be gathering momentum on the short-term scale. The build-up indicates a serious volatility contraction on the weekly chart, and from the look of things, a bigger collapse may occur soon.
Right now, it is forming a strong bearish pattern on the daily chart. But the selling volume appears low. An increase in the volume level could trigger a sell-off to the $57 level. This should confirm a retest of last November’s breakpoint that rallied the price to a new high. A drop below this mentioned level should confirm a mid-term bearish move.
On the other hand, the bulls are off the market. If they find their way back into the market, they must reclaim the previous monthly high before considering an upward movement. The bears are now in control.
Looking back from where it initiated drops, it has lost over 50% of its price in the last 90 days. Despite that, it is currently one of the daily top gainers, with an 8% gain in the last 24 hours, as per CMC data.
QNT’s Key Levels To Watch
Source: Tradingview
While on the verge of breaking lower, the potential support level for drops right now is $72.7. A breakdown there could send the price to $64.5 and potentially $57 in the future.
Currently, the immediate resistance level for a retest is $92. The higher resistance level to watch for an increase is $101.3, followed by $112.6.
Key Resistance Levels: $92, $101.3, $112.6
Key Support Levels: $72.7, $64.5, $57
- Spot Price: $82.5
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Source: https://nulltx.com/quant-price-analysis-prediction-march-10-qnt-posts-7-gains-amid-crypto-turmoil-looks-set-for-a-breakdown/