As trade volume for Quantstamp (QSP) fell sharply over the last two days, the price action has somewhat slowed. It seems like the coin is trying to consolidate the gains made over the last week before trying to rise again. But how far can it really go? Well, we’ll discuss this further but first, here are the latest developments:
QSP is up nearly 83% from its lowest price in 2022.
The coin is also trading well above its 25- and 50-day moving averages
Despite this, Quantstamp is still facing major resistance before breaking to $0.1
Data Source: Tradingview
Quantstamp (QSP) – The road to $0.1
The biggest threat for QSP bulls is the fact that the coin has actually rallied after hitting its lows this year. In fact, the price is almost double its lowest level in 2022 and as such, QSP may be ready for a correction. Despite this, other indicators appear bullish.
For instance, QSP is now trading above its 25- and 50-day SMAs. This indicates an important bullish alignment. Also, the coin has consolidated gains in recent days, something that suggests people are not selling. What remains now is for bulls to try and smash the $0.078 resistance zone.
QSP is still a bit further away from that. However, if the price action pushes above that zone, then $0.1 will be the next stop. As a result, QSP could offer an upswing of about 45% from its current price.
Quantstamp (QSP) – Should you go short or long?
As a long-term asset, Quantstamp is actually a very decent buy. The coin has incredible underlying fundamentals and should be perfect. But there is also a very good short-term play here that can lead to very good gains.
$0.078 is the key, and If QSP manages to smash that, then there is enough upside to deliver at least 30% in additional gains.
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