The Quant (QNT) price broke down from an ascending and horizontal support level. The trend is considered bearish until these levels are reclaimed.
The technical analysis for the daily time frame shows that the QNT price has broken down from an ascending support line. This is a bearish sign for the future price.
After breaking down, QNT validated the line and the $130 area as resistance (red icon). Over the past 24 hours, the QNT price has unsuccessfully tried to reclaim the 0.618 Fib retracement support level at $113.
If the drop resumes, the next closest support area would be at $82.
Quant Price Prediction: Outline For Future Movement
There are two potential wave counts for the direction of the future movement.
The bullish count suggests the increase after July 15 is a new bullish impulse. Afterward, the QNT price completed wave A of an A-B-C corrective structure. So, it will complete wave B towards $160-$170 before falling again.
The bearish count suggests that the QNT price has instead begun a bearish impulse. In this count, the preceding increase was corrective, and the price will now fall to new lows.
However, even this count suggests that an increase toward $161 will occur before the resumption of the long-term decrease. This is also supported by the bullish divergence in the daily RSI (green line).
Therefore, a relief rally is supported by both counts and the RSI. Once the QNT price reaches resistance, the reaction will likely determine the correct one.
The bearish count would be more likely if the QNT price fails to reach $161. However, if it increases to $177, the bullish count would become more likely. Due to the daily breakdown, the bearish Quant price prediction remains more likely.
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