Over the past weekend, Bitcoin (BTC) recorded a fall of 5.6%, from 91,400 USD to below 86,000 USD. The latest jobs report in America showed an addition of 119,000 jobs in September, while other economic data has been delayed due to the prolonged government shutdown. Therefore, the assessments that the crypto market has bottomed out may be premature.
The Quant coin (QNT) is also significantly affected by the strong fluctuations of the entire market. According to a recent report by Coinphoton, the large supply zone just below the psychological level of 100 USD is playing an important resistance role.
On Sunday, the price of QNT rose to 105 USD, raising hopes for a new growth phase. However, the subsequent correction in the following hours caused the price of QNT to return to this supply zone.
Technical Analysis
The fact that the price of QNT has fallen below the previous high bottom (orange) at 85.52 USD has confirmed the bearish structure on the weekly frame. The levels of 58.6 USD and 135.6 USD are currently important price areas to watch in the long term.
Source: TradingViewThe price increase over the past week has brought QNT to the supply zone around 100 USD, and currently, the price is showing signs of a slight adjustment from this area.
Source: TradingViewOn the daily chart, the price structure still leans towards an upward trend. Notably, the Fibonacci retracement level of 78.6% at 75 USD has been successfully defended in November, paving the way for the recent rally to surpass the previous peak.
However, the resistance level of 105 USD from September has not yet been broken, which poses a challenge for wave traders. The imbalance area (white box) and the Fibonacci level of 61.8% at 88 USD may serve as important support points if the price continues to adjust.
Evaluating Technical Indicators
The OBV indicator on the weekly timeframe has continuously fallen since August, and this trend also appears on the daily chart. However, the recent surge in buying volume has created a new peak. If this buying pressure continues to be sustained, the possibility of QNT recovering from the 105 USD range is entirely feasible.
The RSI indicator on the weekly chart is showing signs of a reversal towards an uptrend, while on the daily chart, the RSI also maintains a positive state. Overall, all technical indicators support a bullish scenario after the market correction.
Important price levels to watch
Analyzing the factors, the level of 110.8 USD is identified as an important resistance on the weekly chart. If the price surpasses this mark, QNT will establish a bullish structure on the larger time frame. This week, a correction towards the range of 85.7 USD – 88 USD may occur, and it is highly likely that buying pressure will dominate here.
On the contrary, if the price breaks below 85 USD, this will indicate that the sellers are in control, and traders should wait for a price reaction at the Fibonacci level of 75 USD – an area that previously played an important support role last November.
Mr. Giáo
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