Quant Price Forecast: October 20
The Quant price forecast is for the market to end its retracement and rebound off the $155.70 support level.
Quant Long-Term Trend: Bullish (1-day Chart)
Key Levels:
Zones of supply: $42.40, $88.70, $155.70
Zones of Demand: $222.70, $260.00, $352.10
Quant went past several key levels but was stopped at the $227.70 barrier. As a result, the coin was forced into a retracement. The past two days have been for a market retracement as Quant tries to find a suitable level to rebound from. The $155.70 support level was earmarked as a springboard for the price.
Quant Price Forecast: QNT/USD Outlook
After bouncing off the 42.40 support level to end the bearish turn, the market can be seen gliding through the key level in a wave-like pattern. The price is seen to bounce off $88.70 to glide further upwards.
The price eventually reaches an impervious level of $227.70 and it gets rejected. Immediately, the price began dropping, searching for a suitable price level to stabilize and refire from.
As the coin approaches the $155.70 critical support level, there is optimism among the bulls that the price will rebound from there. The MA period 25 (Moving Average) will double up by $155.70 to form a confluence.
QNT/USD Medium-Term Trend: Bullish (4-hour chart)
The ATR (Average True Range) indicator shows strong and increasing market volatility, despite the current retracement in the market. This is a good indication for the price to quickly recover from the pullback and surge at the resistance level to break through it.
On the 4-hour chart, though predominantly in an uptrend, the ATR line has reacted to the retracement to have a little bend at its tip. Also, the price has traded to the downside of the MA period 25, also in response to the current pullback. However, a strong confluence of the $155.70 key level and the uptrend line is set to act as a cushion for the market to shoot upward past $227.70.
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