Quant Price Forecast: November 8
The Quant price forecast is that Quant price will bounce off the nearest support level, after a reversal formation caused the Quant price to dive after peaking at $209.40.
Quant Long-Term Trend: Bullish (1-Day Chart)
Key Levels:
Zones of Supply: $86.20, $109.70, $209.40
Zones of Demand: $39.40, $44.10, 135.90
In October, a reversal formation appeared on the Quant price chart, which necessitated the price reversal that has been experienced since then. This happened after momentum was lost at that point.
Quant Price Forecast: QNT/USD Outlook
The Head and Shoulders formation had led to a reversal. However, this is also serving as a retest of the $135.90 demand level. This demand level serves as a good point for the price to rebound and resume its bullish run.
The Relative Strength Index is gradually tilting towards a point that shows that the Quant market will soon be oversold. This is anticipated as the price is still expected to move out of the bullish Parallel channel to bounce off of 135.90.
The True Strength Index is also on the verge of dropping below its signal line, which is inevitable as the price will make a drop-and-reversal move at the nearest demand level.
QNT/USD Medium-Term Trend: Bullish (4-hour chart)
On the tetra-hour chart, the True Strength Index indicates that QNTUSD has been oversold. Buyers and holders will need to chase out buyers to revive the market soon.
Sellers would at this point need to reconsider their position, as selling is no longer as attractive at the current price level. However that plays out, sellers would surely be displaced as more buyers made their entry when the price reached its support level.
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