The Quant (QNT) crypto price is nearing the end of its short-term correction, after which a significant upward movement is expected.
On June 15, the QNT price broke out from a descending resistance line that had previously been in place since the Sept. 2021 all-time high.
Breakouts from such long-term structure usually indicate that the preceding movement is complete and a move in the different direction has begun.
The increase culminated with a $281.10 high on Oct. 17. This was very close to the 0.5 Fib retracement resistance of $237.50.
Since then, the QNT price has been decreasing, and has nearly reached the $150 horizontal support area. Since the area provided resistance (red icons) prior to the breakout, it is now expected to provide support (green icon).
Besides the price action, the weekly RSI also gives a bullish QNT price prediction. The indicator has moved above 50, validated the line as support (green icon) and continued its upward movement. There is no bullish divergence in place yet.
As a result, the trend remains bullish as long as QNT does not close below the $150 horizontal support area.
QNT Price Prediction: Correction is Reaching its End
The movement since June shows that the price of QNT is completing a fourth-wave pullback (black). The most likely level for the correction to complete is at $150, in the middle of the ascending channel from which QNT broke out.
Afterward, the final portion of the increase could take the future price of QNT between $255.60-$274.90. The target is found using the 1.61 external Fib retracement on the drop (black) and the 0.618 length of waves one and three (red).
However, it is worth mentioning that the exact values for the high depend on the exact values for the low, since the projection occurs from there.
A potential decrease below the wave one high (red line) at $131 would invalidate this bullish Quant price prediction.
Short-Term Retracement Followed By Upward Movement
As outlined prior, it seems that the QNT price is completing its fourth-wave pullback. The sub-wave count is given in red and indicates that QNT is currently in the C wave.
Giving waves A:C a 1:0.618 ratio would lead to a low of $151.3, falling right in the middle of the channel.
A drop to $151.30 would also validate the bullish divergence trend line (green) in the two-hour RSI.
Due to this confluence, it is very likely that the price will bounce once it gets there and resume its upward movement.
As outlined previously, a decrease below $131 would invalidate this bullish QNT price prediction.
For the latest BeInCrypto Bitcoin (BTC) and crypto market analysis, click here
Disclaimer: BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.