Is Quant (QNT/USD) now a buy after the latest correction?
Quant (QNT/USD) was at the centre of increased bull interest in the past one month. That saw the cryptocurrency top $220 earlier this month and return massively to investors. As CoinJournal reported, a range of fundamentals was behind the surge.
Quant currently trades at $177, in a market correction after the recent pump. Losses in the past one week amount to 18.59%. With the latest strengths, a potential investor would see the weekly dip as a potential to take the token higher. We feel it could not be the right moment to buy the token.
Quant finds support at $170 amid a market correction.
The technical levels are established at $152, $129, and $88 for Quant. However, the token has found minor support at $170. Although the cryptocurrency tried to push higher from the support, the price was rejected near or at the $197 resistance. The rejection suggests buyers find it hard to break above $200. Bears may take control for a while before more buyers get in.
Source – TradingView
Looking at the daily chart, the sentiment is bullish for Quant, going by the monthly price movement. The price maintains above the moving averages, especially the short-term 20-day MA. On the other hand, the MACD indicator shows weakening momentum. The MACD line crossed below the signal line, an early indication of a developing bear market.
Which way Quant?
A technical outlook paints a mixed scenario for Quant token. The moving averages and monthly price movement reinforce a bullish view. On the contrary, the MACD indicator shows a declining momentum and a possible bear market.
Going by the current price action, we must wait before buying Quant. A break above $197 will confirm bullish momentum. A break below the $170 level or 20-day MA could force a decline to $152 or, potentially, to $129.
Where to buy QNT
eToro
eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in.
It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest.
eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
