The post Bears Keep Litecoin and Quant Prices Under $100—Will They Spark a Breakout in May? appeared first on Coinpedia Fintech News
Bitcoin price surged above $107,000 for the second time in the past few days, which has raised confidence, making users optimistic. Interestingly, the Bitcoin dominance experienced a small pullback, which suggests a shift in the investor’s attention away from the star token towards the other altcoins. Meanwhile, the popular ones are failing to rise above their respective resistance as Ethereum remains stuck below $2600 and the prices of Litecoin & Quant continue to accumulate below $100.
Now the question arises whether an ETH price breakout is required to lift the LTC & QNT price above $100 or a major price action is fast approaching.
Litecoin (LTC) Price Feared for Another Drop
The Litecoin price had broken above the prolonged consolidated range in the first few weeks, but the momentum faded as the token reached the end of Q1. Although the bulls are working hard to validate a V-shaped recovery, the bears are successfully dragging the levels below $100 and have kept the price restricted within the range. The current chart pattern could appear bullish, but in the wider timeframe, the LTC price appears to be primed for a major pullback.
The LTC price has remained stuck within a rising parallel channel for over a few years, after triggering a rebound from the 2022 bear market. The token has been trying to breach above the average band of the channel for over a couple of weeks, but the bearish start for the week flashes bearish signals. The 50/200-day MA is failing to initiate a Golden cross while the DMI is heading towards a bearish crossover. Therefore, the Litecoin price is feared to drop back close to $75 if the token fails to trigger a rebound.
Quant (QNT) Price in a Decisive Phase
Quant has maintained a horizontal consolidation after surging by over 60%. The consolidation has been flashing the weakness of the bulls, which may point towards an extended pullback. The QNT price is trading within a decisive phase, and hence, a breakout could elevate the price beyond current highs. While the volume remains within a restrictive range, it would be interesting to watch whether the price will rise to $111 or drop close to $80.
As seen in the above chart, the Quant price is about to experience a rise in volatility as the Bollinger bands are about to contract. On the other hand, the Chaikin Money Flow is heading towards the average range, hinting towards a drop in the money flow. This suggests the token is likely to accumulate for some more time, followed by which a major price action could follow, depending on the volume induced.
Considering the current price action, breaching above $100 seems to be quite difficult for the prices of Litecoin and Quant. However, with a rise in the buying volume, the market sentiments could change, which could clear the barriers to rise above the 3-digit figure.