The future Quant (QNT) price prediction has yet to be confirmed. However, a relief rally seems likely before the direction of the trend becomes apparent.
The QNT price has been decreasing since reaching a maximum price of $228 on Oct. 17. The decrease accelerated last week, causing a breakdown from the long-term $150 horizontal area.
The area was expected to provide support, but it has likely turned to resistance. While there was no negative Quant news preceding the decrease, the crypto market experienced a downturn due to the FTX collapse.
Besides the bearish price action, the weekly RSI broke down from an ascending support line (green) and moved below 50 (red icon). Therefore, the Quant price prediction can only be considered bullish once this area is reclaimed.
Quant Price Prediction: Correction Has Started
The technical analysis from the daily time frame is bearish. It shows that the Quant crypto broke down from an ascending support line on Nov. 9. Afterward, it validated it as resistance the next day.
Since the QNT price has broken below the 0.618 Fib retracement support level, the next closest support is at $80.60, created by the 0.786 Fib retracement support level and a horizontal support area.
The daily RSI is also bearish, since it is below 50 and has not generated any bullish divergence.
While the Quant crypto increased over the past 24 hours, this is likely a relief rally that would validate the ascending support line again. Then, a drop towards $80 could occur.
Reclaiming the ascending support line would invalidate this bearish QNT price forecast.
Outlook For Future Movement
There are two potential wave counts for the direction of the future movement.
The bullish count suggests that after a bullish impulse, the QNT price has completed wave A of an A-B-C corrective structure. The ensuing movement will be a relief rally towards $162, before another drop completes the correction.
The bearish count suggests that the Quant crypto price completed an A-B-C structure instead and has now begun a bearish impulse.
In it, it will first increase towards $145-$161, before breaking down towards new lows.
Since both counts predict a relief rally, the reaction once the QNT crypto price reaches resistance will likely determine which is the correct count.
If the QNT price fails to reach $162, the bearish count would be more likely. If it moves to the $177 resistance instead, then the bullish count would become the primary one. Due to the bearish readings from the weekly and daily time frames, the bearish count remains slightly more likely.
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