Recently, the QNT price broke its market structure and it is seeing a substantial decline in its value. The price is at present trading below the major 200 EMA and MA levels on the daily time frame though it breached all the faster-moving averages. The price recently saw an increase in its value after gaining support from buyers near its previous support zone. Presently the price is seeing an increase of 18% within the last few days.
The current price of QNT is $116.3, its market capitalization is observing a slight surge, and the present value is around $1.41 Billion.
An Ominous Rise In the Spam Volume
The investor’s sentiments are taking a negative turn at present as per LunarCrush. The total bullish sentiment metric is seeing a decline of 36.36% within the last 7 days though there is a rapid significant increase in the Spam volume which is an ominous indication regarding the social media metrics of the token and may create a negative impact on the price.
In the previous analysis, a probability was estimated that if the price gains the buyer’s support near the recent demand zone it may make a positive recovery though the seller’s control over the price was substantial.
Technical Analysis of QNT Price (Daily Timeframe)
Presently, the price is trading near a critical rejection level and it may decline if the sellers succeed in taking control. According to LunarCrush, there is a strong probability of a bearish reversal.
The 200 EMA is acting as a major barrier to the QNT price. The current support level for the price is around $100 and its major support level is at $90. The resistance point for QNT is near $119 and its major resistance is at $120.
The RSI line has been moving above the median line, taking a bearish reversal from the resistance level. The RSI line is currently moving around 66.76 points, while the 14 SMA is providing resistance at nearly 43.21 points.
Conclusion
As per the analysis, the technical indicators are currently indicating a bearish turn. The price is taking resistance from the 200 EMA key level. The oscillators are taking resistance from the oversold levels on the daily timeframe which indicates that the price may soon follow.
Technical levels
Support – $90 and $100
Resistance – $119 and $120
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/05/31/qnt-price-analysis-will-bears-regain-prominence-in-qnt-price/