Quant Price Forecast: May 16
The Quant price forecast is for the market to bid its time before it then pierces through the upper border of its descending channel.
Quant Long-Term Trend: Bullish (1-Day Chart)
Key Levels:
Zones of supply: $134.20, $125.25, $115.00
Zones of Demand: $101.30, $87.56, $76.10
The Quant market ranges through a descending channel, but the bulls look to revive themselves off the key weekly demand level at $101.30. The reactions have started to occur, and the price is already on the rise, like previously, but this time having bounced off a significant demand level.
Quant Price Forecast: QNT/USD Outlook
The Quant market has been ranging downward through a descending channel from the $134.20 significant level. This started on March 18th.
Through this channel, the price has been sliding downward through several key levels in a zigzagging manner. The coin has now dropped to $101.30, a key weekly demand level.
The bulls will be looking to take advantage of the strong demand level to propel the price back upward. Since the market started moving downward, the RSI (Relative Strength Index) has been trading below the 50 mark.
QNT/USD Medium-Term Trend: Bullish (4-hour chart)
The Stochastic Oscillator lines on the daily chart rose to touch the overbought border when the price tested the upper border of the descending channel. The buyers will be hoping for this move again.
In the 4-hour timeframe, the RSI line has risen to the middle line and fluctuates above and below it. Testament to the progress currently being made by the buyers. Meanwhile, the Stochastic Oscillator lines on the 4-hour chart are about to rise off the oversold border as the price rises, breaking out of the descending channel.
Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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