Bullish altcoin? Price jump at Quant initiates year-end rally

The difficult crypto year 2022 will soon come to an end. Despite a severe setback in the overall market and price corrections in many altcoins of 80 percentage points and more, some cryptocurrencies were able to pull themselves out of the affair relatively well. In addition to Polygon (MATIC), the top performer among the 20 largest crypto projects, Quant (QNT) also knew how to convince. Although Quant also corrected at the top by 80 percentage points to an interim annual low of USD 40, it recovered noticeably from its historical low in the second half of the year and reached an annual high of USD 228 in October before the price consolidated again more clearly to USD 100. In the Golden Pocket area, however, the QNT price seems to have bottomed out for the time being in the last few days. In view of the weak price performance of many other Altcoins, this increase represents a remarkable strength. A few days before the end of the year, Quant appraised significantly more bullishly than most other major cryptocurrencies with a price reduction of only 40 percent in a 12-month comparison. This article will take a closer look at whether the QNT course can maintain its positive course development and which course marks will be relevant in the coming weeks and months.

A breakout above USD 133 should provide further lift for Quant

As long as the QNT price is able to hold its own above the psychologically important USD 100 mark, as has been shown several times in the past few months, the chart image is bullish. Quant is then likely to make another attempt in the direction of the first strong resistance at USD 133. If, on the other hand, the QNT price falls below the turquoise support zone between USD 84 and USD 88, a continuation of the correction can be expected.

QNT: Bullish price targets for the coming weeks

In order to confirm the liberation of the last few days and to generate further upside potential, the buyer camp must first dynamically break through the multiple resistance of the Supertrend, EMA50 (orange), EMA200 (blue) and 23 Fibonacci retracement of the last movement. If the bulls manage to overcome USD 125 at the end of the day, a direct price jump to the last intermediate high at USD 133 is likely. Here, the buyer side has to keep pushing in order not to produce a so-called double top. If Quant can then form a new high, the bullish market structure is confirmed. The resistance at 145 comes into focus as a price target. Here is the 38 Fibonacci retracement of the last move paired with a key horizontal resistance level. If this cross-resist is also breached, the orange zone between USD 155 and USD 161 will activate as the next relevant target area. In the first attempt, however, the QNT course is likely to fail here.

A stabilization in Bitcoin should help Quant

Only when the Bitcoin price can also recover and break out dynamically above the historical high at USD 18,400 could Quant reach the resistance area around the 61 Fibonacci retracement of the parent and the current movement between USD 174 and USD 181. This zone is conceivable as the maximum target zone for the coming weeks. If the bulls can also leave this strong resist area behind in the medium term, the chart image will continue to hold up. A subsequent increase up to USD 209, at most even up to the annual high of USD 228, would then no longer be ruled out. Overall, the first target for the first half of 2023 is $259. Investors only focus on the red target zone between USD 278 and USD 312 as the maximum overarching rise area if this resist in the form of the cross-resistance from the overarching 78 Fibonacci retracement and strong horizontal resistance line is also breached.

• Bearish price targets: $100, $94/92, $87/84, $79/74, $70, $60, $48, $44/40, $25, $20

QNT: Bearish price targets for the coming weeks

If the crypto market continues to be weak and Bitcoin slips towards USD 15,000 in the first quarter, Quant should also have a hard time maintaining the USD 100 mark. If this support is permanently abandoned and the price falls below the historical low of USD 94, the bulls will have to do everything in their power not to give up the area around USD 92. If the QNT price breaks through this mark to the south, the focus is on the September low of USD 87. The turquoise support zone must hold in order not to cloud the chart image for the bulls significantly. On the other hand, if the bears can further increase the selling pressure, a relapse into the green zone is increasingly likely. The corrective movement could thus immediately expand to USD 74. Even a direct price spike up to the higher-level 23 Fibonacci retracement at USD 70 is conceivable.

A relapse towards the low for the year must be planned for

If the classic stock market also tends to be weak in the coming period and drags the entire crypto market with it, the QNT price should fall to the support at USD 60. If this horizontal support level does not hold, the sell-off extends to USD 48. Here again, increased resistance from the bull camp is to be planned. If, on the other hand, buyers remain abstinent, investors will focus on the gray zone around the low from June 2022. In this area at the latest, a bullish relief rally is very likely. However, if this is not enough and the crypto currency Bitcoin corrects towards USD 12,500 or even below, Quant could target new all-time lows and break into the zone between USD 25 and USD 20. Above USD 92, the bulls remain in control for the time being, which is confirmed by active buy signals on the MACD and RSI indicators.

Disclaimer: The price estimates presented on this page do not represent buy or sell recommendations. They are merely an assessment by the analyst.

The chart images were created using TradingView created.

USD/EUR exchange rate at the time of going to press: EUR 0.94.