Quant Price Forecast: May 6
QNTUSD price retracement at the $105.00 support value is imminent as it is about to resume its bullish race. The cryptocurrency is trying hard not to fall heavily to the downside. Therefore, if the bulls could trigger their forces in the market, the price may likely retrace at the mentioned support and turn positive to reach the $400.00 upper resistance level and beyond which would be a turnaround for the coin buyers.
Resistance Levels: $160.00, $170.10, $180.20
Support Levels: $108.00, $107.00, $106.00
QNTUSD Long-term Trend: Bearish (Daily chart)
The QNTUSD pair is showing a bearish display in its long-term perspective. This is clear as we can see the price bars trading below the moving averages. This is due to the high inflow from the sell traders. However, there is about to be a turnaround for the coin buyers as the selling pressure will soon be ended.
The cryptocurrency has been interfering with the sell traders in the previous action and has dropped the price to the support zone in its recent low.
Today, the market price of Quant is currently trading below the resistance trend lines at the $105.00 low value on the daily chart. This is due to the inflow from the short traders.
Meanwhile, the current price at a $105.00 low value below the supply trend lines has not stale the market condition of the crypto. Thus, traders who buy the coin during the bearish market will also make gains in the future.
Furthermore, there is likely to be a price retracement at the mentioned support as the market price of QNTUSD now trades below the 3% range of the daily stochastic. This means that the selling pressure will end soon. This will compel the bulls to resume the bullish trend, if this is achieved, the coin price might possibly turn positive to retest its previous high of $168.38 level which could extend to reach the $400.00 supply level in the days to come in its long-term outlook.
QNTUSD Medium-term Trend: Bullish (4H chart)
The market price of QNTUSD is currently trading in the bearish market zone. This is due to the inflows from the sell traders.
The sell traders made a downward move to the $111.55 support level during the previous action. This gave sellers more strength to continue with the trend in its recent low.
Actions from the bears further dropped the coin price down to the $105.00 support level below the two EMAs as the 4-hourly chart resumes today.
Hence, should the bulls exchange hands with the sell traders and close above the $138.99 resistance value, additional intraday gains would be recorded for the buy investors.
Additionally, the price of Quant might possibly swing up above its previous high at the $138.99 value soon as the coin market price now trades in the oversold region, this will compel the bulls to resume the upward move and in this case, the price might push higher to the $400.00 supply mark and beyond in the days ahead in its medium-term time frame.
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Quant Price Forecast: May 6