Quant (QNT) price targets 7% drop after crucial support breakdown

Quant attracted institutional players and retail traders as QNT maintained robust bullish sentiments before the post-Fed rate cut broad market rebound.

Meanwhile, the altcoin trades in a seemingly break-or-make point after gaining 43% the previous month.

Quant lost 2% and 1.58% in the past week and day.

Meanwhile, its current price of $74.41 places it below the crucial support barrier at $75.1 (the 20-day SMA).

Buyers should reclaim this level for an upside renewal towards $80.7 and potentially the vital resistance at $85.

However, failure to regain $75 could trigger continued slides to $69, a 7% sharp drop from current prices.

QNT’s price performance

September’s impressive surges saw Quant testing the crucial resistance at $85.

However, bulls lacked adequate steam after massive surges, and QNT dipped to mid-$70, with a solid support floor at $75.

Thus, maintaining this level remains crucial for a bullish resurgence.

Stability beyond $75 could support upswings towards the top Bollinger Band (BB) at $80.

However, Quant’s current outlook shows the downward path has fewer obstacles.

The altcoin has already breached the vital support, currently wavering at $74.41.

QNT should trigger a swift rebound past $75 to prevent declines to the support at $69.5.

Breaking this footing could welcome massive corrections, with bears flushing bulls out of the market.

Source: Coinmarketcap

Technical indicators support near-term selling momentum.

The Relative Strength Index maintains a downward stance below the neutral 50, reading 35 at press time.

Also, the Moving Average Convergence Divergence highlights emerging bearish influence, with MACD crossing the signal line to the downside on the 1D timeframe.

Whales still confident

Nevertheless, whales show interest in the altcoin. According to IntoTheBlock, Quant saw a 0.98% surge in large transactions over the past day, suggesting accumulation from institutional investors.

That indicates confidence in potential gains in the upcoming sessions.

Also, the Long-Short ratio of 0.9944 (according to Coinglass) confirms trader optimism about QNT’s price performance.

Furthermore, IntoTheBlock shows most Quant investors have held for more than 12 months, meaning they are less bothered by short-term price movements.

Thus, the altcoin could absorb the current selling momentum and catalyze upsides during “Uptober.”

Source: IntoTheBlock

Meanwhile, Quant’s performance will likely mirror broad market developments.

Its daily dip comes as bears dominated the crypto space in the past day, reducing the global cryptocurrency market cap by 2.63% to $2.24 trillion.

In summary, Quant’s current trajectory supports bearish dominance after violating the support at $75.

The token will likely dip towards the footing at $69 before revealing its directional bias.

Maintaining the prevailing outlook could see QNT breaching this level to invalidate bullishness in the near term.

Nonetheless, a rebound from $69 could trigger upswings to $80 and the vital hurdle at $85.

Whales appear confident about bounce-backs after the ongoing slide, suggesting potential gains in the much-awaited October rally.

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