Quant bounced after hitting January lows, bulls can sustain recovery if…

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

Quant [QNT] cleared all the gains made in early 2023 after retesting January lows. It was stuck between the $128.5 – $119.8 range in the first week of March.

However, it dropped below $120 and hit January’s lows of $105.8 before inflicting a rebound. In the past 24 hours, QNT rallied 7%, hitting the 23.6% Fib level ($119.8).

At the time of writing, QNT faced short-term pressure as Bitcoin [BTC] faced increased market uncertainty. A pullback retest on this support could offer new buying opportunities. 

Read Quant [QNT] Price Prediction 2023-24

Source: QNT/USDT on TradingView

QNT depreciated 38.5% after dropping from $165.1 to $105.8. But inflicted a recovery before facing a hurdle at 23.6% Fib level ($119.8). The pullback could retest the $105.8 support level if the price action fails to close above the 23.6% Fib level. 

Such a move could offer long-term bulls new buying opportunities with an entry at $105.8. The primary and secondary targets would be the Fib levels at 23.6% ($119.8) and 38.2% ($128.5).

The two possible trades could offer a risk-to-reward (RR) ratio of 1:3 and 1:4.72, respectively, if the stop loss is below $105.8.  The other significant resistance lies at 50%, 61.8%, and 78.6% Fib levels. 

Alternatively, a breach of January lows could attract aggressive selling for QNT. The selling pressure could sink QNT below $100, but the $91.8 can check the drop.  

The RSI (Relative Strength Index) recovered from the oversold territory, showing increased buying pressure. However, it had a downtick at press time, which indicate the short-term sell pressure was