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QNT Technical Analysis: May Retest Price of $68.94 and See a Trend Reversal

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The Quant Network has been a pioneer in the development of the Overledger DLT gateway – an enterprise-grade DLT (Distributed Ledger Technology) gateway. This gateway ensures enterprises achieve interoperability across multiple blockchains systems and DLTs. It also aids in cross-chain interconnectivity. It is a fast, straightforward, and hack-free ecosystem. QNT is the native token of this ecosystem. Let us look at the technical analysis of QNT.

Past Performance

On Jul 11, 2021, QNT opened at $80.92. On Jul 16, 2021, QNT closed at $70.62. Thus, in the past week, the QNT price has decreased by roughly 13%. In the last 24 hours, QNT has traded between $69.66 – $72.69.

https://xlera8.com/wp-content/uploads/2021/07/qnt-technical-analysis-may-retest-price-of-68-94-and-see-a-trend-reversal.png

https://xlera8.com/wp-content/uploads/2021/07/qnt-technical-analysis-may-retest-price-of-68-94-and-see-a-trend-reversal.png

Day-Ahead and Tomorrow

Currently, QNT is trading at $69.24. The price has decreased from the day’s opening price of $70.62. Thus, the market seems bearish.

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The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to fall further.

Currently, the RSI indicator is at 43%. It faced rejection at 50% and fell to the current level. Hence, selling pressures are high. High selling activity will push the QNT price further down.

However, the OBV indicator has started rising steadily. Thus, buying volumes are slowly overtaking selling volumes. Hence, the price may start rising in some time.

In short, the OBV oscillator has given positive signals while the MACD and RSI indicators have given negative signals. Hence, the overall market momentum seems bearish. But, we have to wait and watch if a bearish trend reversal occurs in some time as buying volumes surpass selling volumes.

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QNT Technical Analysis

Currently, the price is below the first Fibonacci pivot support level of $69.83. The price may soon fall below the second Fibonacci pivot support level of $69.12 as well. Thereafter, we have to wait and watch if the price starts rising or falls further.

Currently, the price has fallen below the 23.6% FIB retracement level of $70.37. It may soon fall below the 23.6% FIB extension level of $68.94. By day close, if the price retests and breaks out of these levels, then an uptrend has probably set in. In that case, the bullish trend may continue tomorrow as well.

#QNT #Quant Network

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Source: https://www.cryptoknowmics.com/news/qnt-technical-analysis-may-retest-price-of-68-94-and-see-a-trend-reversal

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