Quant bounced after hitting January lows, bulls can sustain recovery if…

Quant bounced after hitting January lows, bulls can sustain recovery if…

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

  • QNT hiked 7% in the past 24 hours. 
  • QNT showed price/open interest (OI) divergence. 

Quant [QNT] cleared all the gains made in early 2023 after retesting January lows. It was stuck between the $128.5 – $119.8 range in the first week of March.

However, it dropped below $120 and hit January’s lows of $105.8 before inflicting a rebound. In the past 24 hours, QNT rallied 7%, hitting the 23.6% Fib level ($119.8).

At the time of writing, QNT faced short-term pressure as Bitcoin [BTC] faced increased market uncertainty. A pullback retest on this support could offer new buying opportunities. 

Read Quant [QNT] Price Prediction 2023-24

Can the bulls defend the January lows?

Source: QNT/USDT on TradingView

QNT depreciated 38.5% after dropping from $165.1 to $105.8. But inflicted a recovery before facing a hurdle at 23.6% Fib level ($119.8). The pullback could retest the $105.8 support level if the price action fails to close above the 23.6% Fib level. 

Such a move could offer long-term bulls new buying opportunities with an entry at $105.8. The primary and secondary targets would be the Fib levels at 23.6% ($119.8) and 38.2% ($128.5).

The two possible trades could offer a risk-to-reward (RR) ratio of 1:3 and 1:4.72, respectively, if the stop loss is below $105.8.  The other significant resistance lies at 50%, 61.8%, and 78.6% Fib levels. 

Alternatively, a breach of January lows could attract aggressive selling for QNT. The selling pressure could sink QNT below $100, but the $91.8 can check the drop.  

The RSI (Relative Strength Index) recovered from the oversold territory, showing increased buying pressure. However, it had a downtick at press time, which indicate the short-term sell pressure was witnessed at the time of writing. 

On the other hand, the OBV (On Balance Volume) has dipped since February 20 and limited a strong recovery. 

Active addresses and Mean Coin Age surged

Source: Santiment

As per Santiment, the 90-day Mean Coin Age rose to indicate a wide-network accumulation – evidence of a possible rally. In addition, active addresses spiked, showing improved trading volumes which could boost further recovery. 

Is your portfolio green? Check out QNT Profit Calculator

Moreover, there was a price/open interest (OI) divergence as price action dropped while the OI increased. It shows the demand for QNT remained strong despite the slight correction at the time of press time – a bullish sentiment that could support the recovery.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating.
Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him.
P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous.
Wait, are they Satoshi? :/

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