Connect with us
Active Currencies 15507
Market Cap $3,391,128,048,533.70
Bitcoin Share 57.26%
24h Market Cap Change $3.12

Quant bounced after hitting January lows, bulls can sustain recovery if…

2min Read
Quant bounced after hitting January lows, bulls can sustain recovery if...

Share this article

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

  • QNT hiked 7% in the past 24 hours. 
  • QNT showed price/open interest (OI) divergence. 

Quant [QNT] cleared all the gains made in early 2023 after retesting January lows. It was stuck between the $128.5 – $119.8 range in the first week of March.

However, it dropped below $120 and hit January’s lows of $105.8 before inflicting a rebound. In the past 24 hours, QNT rallied 7%, hitting the 23.6% Fib level ($119.8).

At the time of writing, QNT faced short-term pressure as Bitcoin [BTC] faced increased market uncertainty. A pullback retest on this support could offer new buying opportunities. 


Read Quant [QNT] Price Prediction 2023-24


Can the bulls defend the January lows?

Source: QNT/USDT on TradingView

QNT depreciated 38.5% after dropping from $165.1 to $105.8. But inflicted a recovery before facing a hurdle at 23.6% Fib level ($119.8). The pullback could retest the $105.8 support level if the price action fails to close above the 23.6% Fib level. 

Such a move could offer long-term bulls new buying opportunities with an entry at $105.8. The primary and secondary targets would be the Fib levels at 23.6% ($119.8) and 38.2% ($128.5).

The two possible trades could offer a risk-to-reward (RR) ratio of 1:3 and 1:4.72, respectively, if the stop loss is below $105.8.  The other significant resistance lies at 50%, 61.8%, and 78.6% Fib levels. 

Alternatively, a breach of January lows could attract aggressive selling for QNT. The selling pressure could sink QNT below $100, but the $91.8 can check the drop.  

The RSI (Relative Strength Index) recovered from the oversold territory, showing increased buying pressure. However, it had a downtick at press time, which indicate the short-term sell pressure was witnessed at the time of writing. 

On the other hand, the OBV (On Balance Volume) has dipped since February 20 and limited a strong recovery. 

Active addresses and Mean Coin Age surged

Source: Santiment

As per Santiment, the 90-day Mean Coin Age rose to indicate a wide-network accumulation – evidence of a possible rally. In addition, active addresses spiked, showing improved trading volumes which could boost further recovery. 


Is your portfolio green? Check out QNT Profit Calculator


Moreover, there was a price/open interest (OI) divergence as price action dropped while the OI increased. It shows the demand for QNT remained strong despite the slight correction at the time of press time – a bullish sentiment that could support the recovery.

Share

Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.