HYPE and QNT PullBack After Decline. How High Will They Go?

HYPE has been on the decline for most of the week but is currently recovering. However, recent data reveals a notable decline amid the buyback.

The coin’s latest recovery follows a series of notable declines. Nonetheless, the trigger occurred on Friday when it surged from $40.3 to $45.6. The bulls rallied the asset following positive fundamentals. It is worth noting that the uptrend was a spillover of trading actions on Thursday.

HYPE opened the session at $45.6 but retraced to a low of $39.7. However, it rebounded and ended the session slightly higher than its low but lost over 11%. 

How High Will HYPE Go?

The 1-day chart reveals that HYPE has been in a downtrend since last week. It retraced by over 4% on Friday and continued downward until its recent recovery. Cumulatively, the asset lost over 31% before rebounding.

It is worth noting that the latest decline began after the coin’s failed attempt to break through the bollinger bands. It retraced and rebounded after it slipped below the lower band. This means that the uptrend may continue, and the asset will likely return to its previous levels.

Previous price movements suggest that HYPE will continue its uptrend but may experience significant selling pressure at $49.2. Since breaking above it in June, the mark has become a tough resistance, and the asset has failed to break it after several attempts.

If the trend repeats, the coin may struggle to flip this level. However, the bollinger bands point to a retest of the middle band at $51. 

HYPE recently broke above the 38% fib level after slipping below it on Thursday. It is back above the mark and may edge closer to the 23% fib level at $49.

Aside from the highlighted coin, Quant is experiencing notable buying pressure at the time of writing. Data from CoinMarketCap shows that its trading volume is down by 51% in the last 24 hours. However, it opened Saturday at $95 and retraced to a low of $92 before rebounding. 

It is currently trading at $100, slightly lower than its high of $102. Its recent trading action suggests that the bulls continue to drive price rallies amid a drop in trading volume. 

QNT Gains 16%

QNT is currently up by almost 6% since the start of the day. It continues the previous day’s uptrend that saw it gain over 10%. Cumulatively, the asset has gained over 16% over the last 48 hours.

Additionally, it flipped bullish on the 1-week scale as it erased the losses it incurred earlier. It goes without saying that the coin had one of its biggest declines on Thursday. It opened the session at $96.8 but retraced to $86.4 and lost over 10%.

Nonetheless, questions remain about how high the cryptocurrency will go. It is worth noting that QNT has been in a downtrend since July. The bulls will look to reclaim lost levels, and the closest to the current price is $106. It failed to flip decisively since the last week of August. However, current momentum suggests that the asset will break it.

The bollinger bands point to a possible attempt at $108. Additionally, previous price movements suggest that after flipping the highlighted marks, the cryptocurrency will likely attempt to reach $112. 

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