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Quant Price Analysis: QNT Faces Threats of Massive Selloffs as it is Overbought

Analytics

coinfomania.com 17 July 2022 11:48, UTC
  
Reading time: ~2 m

Quant was on an uptrend over the last four days. The token saw the surge start the previous week as it recorded massive gains during this period. The asset was the the top gainer during the previous intraweek session as it gained more than 40%.

Although the price increase came to a sudden stop on Sunday as the asset lost momentum and dipped by more than 4%. The token has since continued the spree. The current intraday session marks the fifth consecutive gain.

Recall that a previous outlook pointed out that the $95 resistance will fall. It did so on Thursday, as it raced past the mark to a peak of $99 and also a positive change of 15%.

QNT kicked off the current week with a little slow. Nonetheless, the uptrend resumed on Tuesday with a more than 6% increase. On Friday, it peaked at $112 but was met with rejection. As a result it closed at $104 which signifies a 7% change from its opening price.

The downtrend continued into the previous intraday session as the token retraced to a low of $95 but soon recovered to flip another critical resistance. $110 resistance lost its status again for the second time in a row as the asset peaked at $116.

Quant may Lose Momentum Today

The last day of the week is one of the most unfavorable periods for most assets since the start of this month. For example, QNT lost a few percent or failed to perform during the last two Sundays.

Following the appearance of a doji on the daily chart we may conclude that the altcoin is gradually losing momentum. If that happens, we may expect a retest of the $95 support as it served as an excellent level for rebound during the previous session.

Additionally, we bear in mind that QNT is currently overbought. Based on the rules governing RSI, we may expect massive selloffs until the token returns to normal. This may also place further support levels under threat.


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