Quant's price is facing significant challenges as it attempts to overcome key resistance levels, leading to heightened selling pressure in the market. The material draws attention to the fact that traders are closely monitoring these levels for potential breakout opportunities.
QNT Price Struggles to Break Resistance
Today, the QNT price struggled to close above the descending trendline and the 0.618 Fibonacci level, ultimately facing a rejection at $94.10. This setback can be attributed to increased supply driven by spot outflows and distribution by large holders, commonly referred to as whales.
Impact on Bullish Momentum
The inability to break through these critical resistance points has not only weakened the bullish momentum but also resulted in tighter price compression. Traders are now closely monitoring these levels as a sustained failure to overcome them could signal further downside potential for Quant in the near term.
As Quant struggles with resistance levels, Cardano (ADA) is also approaching a critical resistance point. For more details on this pivotal moment, see the article here.
