Quant Price Forecast: February 24
The market price of QNTUSD may experience a possible reversal at the $101.36 support level to resume its upside moves soon. Therefore, if the bulls could trigger their forces in the market, the coin price may likely reverse and turn positive to reach the $160.00 high level and beyond.
Key Levels:
Resistance Levels: $110.00, $112.00, $113.00
Support Levels: $101.00, $100.00, $99.00
QNTUSD Long-term Trend: Bearish (Daily chart)
QNTUSD may experience a possible reversal at the current support level of $101.36 as the pair indicates a downward trend with a bearish sentiment in its long-term perspective. The coin is trading below the EMAs. However, the current trend will soon be nullified as the market is now oversold.
The sustained bearish pressure at the $101.91 support value during yesterday’s session has made the crypto price drop below the supply levels in its recent low.
The price of Quant at the $101.36 low value below the EMA as the daily chart opens today is a result of low bullish momentum.
Thus, if buyers eventually wrestled trend control from sellers with a possible reversal at $101.36 support, a breakout above the trend line is needed to confirm the potential bullish rally.
The Stochastic is also showing the market is already oversold. This means that the selling pressure will end soon. As a result, a possible reversal at the mentioned support is imminent which will compel the bulls to resume the bullish trend to retest the $153.83 supply level; the $160.00 resistance level might be reached in the days to come in its long-term outlook.
QNTUSD Medium-term Trend: Bearish (4H chart)
QNTUSD Price Reversal at the $101.36 Support Level
The currency pair is also likely to experience a possible reversal at the current support level as the pair is now trading at the lower support level in its medium-term outlook. This is due to the high influence of the sell traders.
The downward move to the $103.00 support level before the end of yesterday’s session has given sellers more strength to continue with the trend in its recent low.
Actions from the bears further dropped the coin price down to the $101.36 support level below the EMAs as the 4-hour chart resumes today.
Hence, a possible reversal is certain, should the bulls increase their buying speed and exchange hands with the sell traders at the $101.36 support value, additional intraday gains would be recorded for the buy investors.
Additionally, the price of Quant might witness a possible reversal at the mentioned support to resume its uptrend soon as the coin market price now trades at the oversold region, this will compel the bulls to resume the upward move and in this case, the price might push higher to the $160.00 supply mark and beyond in the days ahead in its medium-term time frame.
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