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- 1 The QI token price regressed from the highs of $0.03700 and lost over 57% of its gains.
- 2 The BENQI crypto price shows a retracement and it is forming lower lows.
The BENQI (QI) token conveyed selling pressure and retraced from the highs of $0.3700, presenting underperformance in the recent sessions. The token persisted in forming the lower low swings, exposing a downtrend. Amidst the market correction, the BENQI crypto lost over 40% of gains and it has been under the sellers’ control for the past sessions.
The QI token price fell to the 100-day EMA and showed a bearish bias despite the fake bouncebacks. Moreover, the investors did not demonstrate their attention because of its downtrend, which led the token to regress. However, the token nearly registered a breakout and is on the verge of a trendline mark of $0.1600. According to the technicals, the token may attain a pullback and will retest its 20-day EMA soon.
This cryptocurrency’s price was $0.01546 at press time, with an intraday gain of 1.36%, showing retracement in the last sessions. Moreover, the trading volume increased by 4.24% to $5.25 Million, highlighting low investor interest. The pair of QI/BTC was noted at 0.000000374 BTC, while the market cap is $ 66.22 million. Analysts are neutral at the moment and suggest that the token may retest $0.01800 soon.
QI On Daily Charts Displays Falling Wedge Pattern
On the daily charts, the QI token price forms a falling wedge pattern and is close to the trendline mark of $0.1600. However, the token retraced over 50% from the highs and is ready for a pullback. The BENQI crypto is near the 100-day EMA mark and is waiting for a breakout. As per the Fib levels, the token has split its 38.2% zone and is close to the 23.6% zone, declaring selling momentum.
The RSI curve slipped to 40, showing an oversold alert and indicating a negative divergence. Moreover, the MACD indicator shows a bearish crossover, indicating bearish dominance for the past few sessions.
QI On Weekly Charts Exhibits Rejection From 100 Day EMA Mark
On the weekly charts, the BENQI crypto price recuperated from the demand zone and retested its 100-day EMA mark but could not surpass it, and a rejection candlestick was noted. After multiple attempts, buyers did not cross the region and faced a throwback. However, the token is now heading toward its support region of the 20-day EMA mark near $0.01300.
Summary
The BENQI crypto (QI) price was assembling lower lows and endured in dragging the gains for the past sessions. Moreover, the price action reveals a correction phase, and the token is on the verge of a breakout, which will occur if it strikes above $0.1600 or breaches $0.1400 in the following sessions.
Technical Levels
Support Levels: $0.01300 and $0.01100
Resistance Levels: $0.01700 and $0.01800
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
