The future Quant (QNT) price forecast is yet to be confirmed. However, a relief rally appears likely before the direction of the trend becomes clear.
The price of QNT has been declining since reaching a maximum price of $228 on October 17th. The decline intensified last week, leading to a break above the long-term $150 horizontal zone.
The area was expected to provide support, but it has likely turned into resistance. While there was no negative quant news prior to the shortfall, the crypto market experienced a downturn due to the collapse of FTX.
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Apart from bearish price action, the weekly RSI broke above an ascending support line (green) and declined below 50 (red sign). Therefore, quant price predictions can be considered bullish only after retesting this zone.
Volume Price Prediction: The Correction Has Started
The technical analysis on the daily time frame is bearish. It shows that Quant Crypto broke the ascending support line on 9th November. Later, it validated it as resistance the next day.
As QNT price broke below the 0.618 Fibonacci retracement support level, the next nearest support is at $80.60, formed by the 0.786 Fibonacci retracement support level and a horizontal support area.
The daily RSI is also bearish, as it is below 50 and has not generated any bullish divergence.
While Quant Crypto has risen over the past 24 hours, this could be a relief rally that will re-validate the ascending support line. Then, a drop to $80 could occur.
Retesting the ascending support line will invalidate this bearish QNT price prediction.
Outlook for the future movement
There are two possible waves for the direction of future movement.
The bullish count shows that after the bullish impulse, QNT price has completed wave A of the ABC corrective structure. The upcoming movement will be a relief rally towards $162, before completing another downside correction.
Bearish count shows that Quant Crypto price instead completed an ABC structure and now a bearish impulse has begun.
In this, it will first rise to $145- $161 and then drop to new lows.
Since both calculations predict a relief rally, the reaction once the QNT crypto price reaches resistance will determine which one is the correct count.
If QNT price fails to reach $162, the bearish numbers are likely to be higher. If it moves to the $177 resistance level instead, the bullish count will become primary. The bearish numbers are likely to remain slightly higher, due to bearish readings from the weekly and daily time frames.
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