As many know, the entire crypto market is experiencing a bloodbath at this point. For over a year, most cryptocurrencies have plummeted from their all-time highs, hitting lows nobody predicted.
However, despite the bearishness of the crypto winter, some cryptos have braved all odds, trending upwards in leaps and bounds. One such cryptocurrency is Quant (QNT), the native cryptocurrency of the Quant network.
Over time, Quant has shown strength against USDT, Bitcoin, and even Ether, rallying upwards despite bitcoin's unclear market trend and its effect on the general crypto market.
Quant is currently making higher highs and higher lows, as the price appears to be aiming for a correction to the $160 level.
After hitting a low of $42.7 on the daily timeframe in mid-June, the price of Quant began to trend upwards, making higher highs and lows and gaining almost $100 per token since then.
After hitting a high around the $132 resistance in the first ten days of August, the price of Quant corrected itself to the $87 support level before moving upwards again and appearing to break the resistance.
Quant is currently trying to break through properly around the $140 level and possibly reclaim the $160 mark.
The struggle between the bulls and bears rages on at this support level and may see the bulls managing to push the prices above this level.
Conversely, the bears may win, pushing the price right below the $140 resistance and to the $107 level or even lower.
From a semi-long term perspective, the RSI shows overbought conditions, hinting at a possible correction or some consolidation around this $140 level before moving upwards.
The price of QNT needs to break this $140 resistance properly for a strong possibility that the price will trend higher.
QNT is currently trading above the 50-day exponential moving average at the $106 level. If the bears win in this struggle around the $140 level and push the price below $106, we may see a violent price rejection to the downside, pushing the price of QNT as low as the $87 mark.
Disclaimer: The author's comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)