Quant Price Forecast: August 6
The Quant price forecast is for the buyers to rejuvenate the market for another potential breakout after the initial breakout invalidation.
Quant Long-Term Trend: Bullish (1-day Chart)
Key Levels:
Zones of supply: $117.60, $149.60, $167.10
Zones of Demand: $96.90, $87.60, $75.50
The recent breakout in the Quant market on July 29 has lost its validity, with the price retracting into a triangle pattern. Despite buyers attempting a market reversal from $96.90 and successfully implementing a triangle pattern for the breakout, its weakness led to the price returning within the triangle. The bulls are aiming to rejuvenate the market for a subsequent breakout.
Quant Price Forecast: QNT/USD Outlook
The QNTUSD market breakout on July 29, has lost its validity, reversing the previous market dynamics. After initiating a reversal from the $96.90 price point, buyers embraced a triangle pattern strategy.
As anticipated, this strategy led to the breakout on July 29. However, the breakout exhibited weakness, prompting a subsequent decline back into the triangle formation. The bulls aim to rejuvenate market conditions for a potential breakout.
As a result, the invalidated breakout and then retreat into the triangle, the Parabolic SAR (Stop and Reverse) dots have swiftly shifted to position themselves above the daily candlesticks.
QNT/USD Medium-Term Trend: Bullish (4-hour chart)
Simultaneously, the RSI (Relative Strength Index) indicator on the daily chart has retraced below the crucial 50 mark, reflecting the altered dynamics. This correlation between the daily and 4-hour charts is notable, as observed in the Parabolic SAR dots persistently placed above the candlesticks.
Similarly, the RSI line on the 4-hour chart has descended to test the oversold boundary before rebounding slightly upward. The bullish outlook hinges on the prospective market revitalization, fostering renewed momentum for a potential price surge. The goal remains to breach the $117.60 resistance level.
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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