QNT Price Analysis: Bears come together to put an end to the bulls' party

The token has shown bearish actions in the previous session.
The pair of QNT/USDT is trading at the price level of $144.4 with a decrease of -4.48% in the past 24 hours.

The Quant (QNT) token bullish trend has come to a halt and the bears are battling hard to keep the bulls from breaking over the levels. Quant (QNT) is an Ethereum token that powers Quant Network’s Overledger brand of commercial software solutions, which seek to connect public and private blockchains.

QNT token on the daily chart

The token was on a strong uptrend, gaining more than 45% in the past few weeks, and now we can see bearish candles forming, indicating that the token may be heading for a pullback. According to the daily chart, QNT token is currently trading at $144.4, indicating a loss of -4.48% in the last 24 hours. It is trading above its key Moving Averages (50 and 200 EMAs). A bullish crossover has occurred, in which the 50 EMA crosses above the 200 EMA, indicating a bullish trend.

Relative Strength Index: The asset’s RSI curve is currently trading at 56.94 and is dropping in value as the uptrend has come to an end. The drop in the value of the token has caused the RSI curve to cross below the 14 SMA. If the bulls are not able to continue their bullish momentum and the token’s price continues to fall in the coming days, the RSI’s value will drop even further.

Analyst view & Expectations

After facing resistance from the supply zone, the token has formed a bearish candle and is looking for support at the 50 EMA. Investors are advised to wait for the token to break over the resistance level of $156.1 before buying to gain more confirmation on the trend’s direction. Intraday traders, on the other hand, have a good opportunity to go short and book profits based on their risk to reward ratio.

According to our current Quant price prediction, the value of Quant is expected to climb by 4.90% in the next few days, reaching $ 151.20. Our technical indicators indicate that the current sentiment is Neutral, with the Fear & Greed Index reading 61. (Greed). Over the previous 30 days, Quant had 22/30 (73%) green days and 12.40% price volatility. According to our Quant forecast, now is not the time to buy Quant.

Technical Levels

Major support: $139.7

Major resistance: $156.1

Conclusion

According to the price action, the token is forming a strong bearish candle near the supply zone and a bearish chart pattern. It remains to be seen if the bulls can return to the party and regain momentum. Before acting, investors should wait for a clear indication.

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