The past sessions saw Quant (QNT) losing all the gains accumulated since August. The near-term downward trend saw the altcoin dropping to the support level of $145. However, the alternative crypto indicates a bullish reversal from this mark. Market players may need to watch these technical zones since they might support another rally.
Vital Technical Points
- Quant sees its price reclaiming the 20-day exponential moving average.
- QNT coin has an intraday trading volume of around $660.5 million, reflecting a 3.83% upswing.
QNT coin saw its correction phase starting in September’s second half as that alt attempted to maintain beyond the critical support level of $250. However, 16 November sessions witnessed Quant breaching this footing, confirming a massive retracement or a near-term downward trend for the altcoin.
The downswings saw QNT hitting the 0.786 FIB retracement zone or the $145 level. The last few days had the coin displaying intensified demand momentum around this zone with multiple low price rejection candlesticks. On 11 December, QNT experienced a sudden upswing, gaining nearly 25%. That displayed bullish reversals for Quant.
For now, the crypto hovers under the critical exponential moving average areas (50 and 100). That confirms downward trends for crypto enthusiasts. Nevertheless, QNT bulls reclaimed the 20-exponential moving average.
Furthermore, the daily RSI (52) flashed similar recovery actions, supporting Quant buyers.
QNT/USD Four-Hour Chart
The new upswing in QNT crypto had the alt breaching some critical resistance zones, including the active resistance from the falling trend-line and the horizontal levels at $189.5, then $216.6. Nevertheless, the coin moves in a retest attitude that can see it checking the $189.5-level.
The primary pivot presents a considerable confluence with Quant chart levels. With these levels, market participants may expect the immediate resistance level at $248, then $278. Meanwhile, support zones are at $210, then $190.
For now, most assets in the crypto spectrum battle to reverse losses that resulted from the early December crash. Bitcoin bulls appear weak to overcome the $50K hurdle. A steady Bitcoin move past this psychological level might trigger a broad-based rally. Is BTC ruining the crypto recovery party? You can comment below.