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Quant Price Forecast: May 5
The Quant price forecast is for more periods of consolidation in the market before the buyers gain momentum for a breakout.
Quant Long-Term Trend: Bullish (1-day Chart)
Key Levels:
Zones of supply: $117.60, $142.10
Zones of Demand: $95.80, $87.60
Quant was plunged into a consolidation zone between key levels. The $117.60 significant level initially acted as a support for the market when it fell from around $142.10, but the support level eventually gave way to downward pressure. This led the coin to drop as low as $87.60 but it recovered back to $95.80 which now acts as a new support zone. Meanwhile, the previous support at $117.60 has now been transformed to act as a resistance and keep the market in consolidation.
Quant Price Forecast: QNT/USD Outlook
Quant finds itself entrenched within a consolidation zone delimited by key levels. Initially, the significant level of $117.60 served as support for the market following a decline from around $142.10.
However, the pressure proved too great, leading to the breach of the $117.60 support level. Consequently, the coin descended to as low as $87.60 before staging a recovery back to $95.80.
The $95.80 level now functions as a new support zone. Meanwhile, the erstwhile support at $117.60 has metamorphosed into a resistance, ensnaring the market within the consolidation.
QNT/USD Medium-Term Trend: Bullish (4-hour chart)
Within this oscillating environment, the Moving Average Cross (MA Cross) lines on the daily chart exhibit erratic behavior, often initiating crosses before reversing course. Meanwhile, the Elders Force Index (EFI) power line hovers subdued below the zero level, yet poised for an ascent given the oscillatory nature of price movement within consolidation.
On the lower timeframe, mirroring the market’s ranging dynamics, the MA Cross lines engage in frequent crosses, reflecting the oscillating nature of price action. Presently, a downward cross follows a recent upward cross. The EFI indicator in this timeframe fluctuates around the zero level, aptly characterizing the current state of consolidation. With continued ranging, bulls can gather momentum and propel the market out of the consolidation zone.
Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset, presented product, or event. We are not responsible for your investment results.
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