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 . 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% and 38.2% . The two possible trades could offer a risk-to-reward 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 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 witnessed at the time of writing.Active addresses and Mean Coin Age surgedAs per Santiment, the 90-day Mean Coin Age rose to indicate a wide-network accumulation – evidence of a possible rally. In addition, active addresses spiked, showing improved trading volumes which could boost further recovery.
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Source: CryptoAmb - 🏆 22. / 68 Read more »
Source: CryptoAmb - 🏆 22. / 68 Read more »