Quant (QNT) is a blockchain-based platform that provides secure and scalable solutions for the financial industry. The project has been on a bull run in recent months, but it has recently pulled back to the downside.
In a recent video, technical analyst Nick discussed Quant’s price action and potential for a downside move.
Nick noted that Quant is currently in a bearish structure on the hourly chart. The price is below the 200 hourly EMA and is trading within a descending triangle pattern.
This suggests that Quant could complete its current structure with a move to the downside. The potential support levels are $120, $100, and $80.
However, Nick also pointed out that Quant has been oversold on the hourly chart. This could lead to a bounce to the upside before the downside move resumes.
The potential resistance levels are $150, $175, and $200.
Nick believes that the bottom is in for Quant, but he also cautions that the crypto market is still in a bear market. He recommends using a stop-loss order to protect profits and losses.
Here are some additional things to consider when trading Quant:
- Quant is a volatile cryptocurrency, so be prepared for sharp price swings.
- Do not invest more than you can afford to lose.
- Diversify your portfolio by investing in other cryptocurrencies as well.
- Always do your own research before investing in any cryptocurrency.
I hope this article has helped you to understand the potential downside move in Quant. Please remember that this is not financial advice and that you should always do your own research before investing in any cryptocurrency.