Quantum [QNT] It hit a neutral position, but the bears can take advantage of these levels

  • QNT is in a neutral market structure on the 4-hour chart.
  • It could drop below the current near-term support at $110.0 or decline.
  • A move above $112.0 will invalidate the above bias.

Quantum (QNT) It increased from $104.9 to $118.2 between Christmas Day and December 27, an increase of more than 11%. However, the price correction threatens to erase nearly half of the short-term gains.

At the time of writing, QNT was trading at $109.8 but it was still in a neutral market structure with no clear market direction. But it is worth noting that QNT broke below $114 after Bitcoin (BTC) lost its grip at the $16.77K level. So investors should make BTC movements a part of their watchlist.

However, QNT could break this important support in the near term if the buying pressure drops further.

Read Quantitative price forecast (QNT) 2023-24

$110 Support: Will It Hold?

Source: QNT / USDT on TradingView

The recent correction of QNT price found a strong support at $110.0. However, the support has been retested five times and cannot be held if the selling pressure increases.

The Relative Strength Index (RSI) retreated from the overbought area and retested the midpoint without a strong bounce. This showed that the buying pressure was steadily declining and the bulls faced the challenge of reversing the trend.

Accordingly, the Directional Movement Index (DMI) showed buyers with little leverage at 22.7 over 19.2 for sellers. But no one had more than 25 units, which indicates that the market was neutral.

However, selling pressure has steadily increased as volume has declined, as evidenced by On Balance Volume (OBV).

Therefore, QNT may break below $110.0 or decline if the selling pressure increases. If it breaks below that, then the $108.4, $106.7, and $104.5 levels could act as sell targets.

However, a break above $112.0 will invalidate the above bias and signal a short position to be closed. Such an upward move could trigger a breakout of a flag pattern (blue lines) with a potential upside target at $114.7.

How do Quantum Many (QNT) Can i get 1 dollar

Development activity at QNT stabilized and sentiment declined

Source: feeling

According to Santiment, QNT’s development activity has not changed since December 19. However, the price hike on December 26 coincided with sentiment building on the positive side.

At press time, sentiment has eased to near neutral levels, with development activity unchanged. Could these conditions undermine the bullish momentum?

Source: feeling

Additionally, QNT holders who held the asset for a week saw profits, unlike those who held it for a month. According to Santiment, the 7-day MVRV recently rose on the positive side while the 30-day MVRV remained on the negative side.

Therefore, the short-term holders were affected differently by the recent QNT price movement.

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