Quant (QNT) price has rebounded very strongly from its May 2023 lows. Consequently, QNT crypto price has soared almost 25% in just one week. The latest analysis reveals that the bounce may be the beginning of a major rally in the coming days.
On Thursday, QNT crypto turned green once again and rose by 1.71%. The self-labeled future-proof cryptocurrency shrugged off the recent bearish price action of Bitcoin and continued to rally. Quant is on its way to retesting the 200-day moving average, which will be very critical.
While the exact reason for the recent surge in QNT price is still unknown, there has been an increased interest in it since the start of 2023. The price had a 57% surge in January before having a major pullback. However, the bullish market structure still remained intact.
On a weekly and daily timeframe, the chart shows constant higher lows and higher highs. The price has retested the $100-$87 demand zone multiple times and got a strong rebound each time. As long as this level holds, the outlook on Quant remains bullish.
The following QNT crypto price chart shows the price action on the daily timeframe. It may appear a very volatile chart at first look, but a closer look reveals that the bulls are still in control. As long as the price remains above the $87 level, the Quant price prediction on a higher timeframe will remain bullish for me.
The chart also shows that the price has broken out of the trendline, which is another bullish signal. IF the price closes a day above $118.5, I expect a strong rally toward $165, where lie the January highs. This will be a 40% price increase from the current level.
In the meantime, I’ll keep sharing updated outlook on Quant (QNT) in my free Telegram group, which you’re welcome to join.
This post was last modified on Jun 01, 2023, 12:28 BST 12:28