Quantum [QNT] is consistently attracting the interest of both individual traders and institutional financiers due to its robust bullish sentiment.
Current data indicates that market sentiment remains positive, prompting speculation on whether QNT can uphold its momentum or confront further obstacles.
At the moment, QNT is valued at $75.36, marking a 1.88% decline over the past 24 hours. Despite this minor setback, numerous investors are still monitoring the potential breakthrough, but various factors will influence whether QNT can retain its upward trajectory.
Crucial barriers and price behavior evaluation
QNT recently tested the $85 resistance level following a consistent climb earlier in September. However, the value encountered resistance and retracted to the mid-$70 region. Presently, the 20-day simple moving average (SMA) stands at $75.1, offering essential support.
Hence, maintaining this level is pivotal for any further bullish advancement. If QNT manages to stay above this threshold, there is a possibility of retesting the upper Bollinger Band near $80.7, granting brief respite for bullish investors.
Moreover, the Relative Strength Index (RSI) at 58.36 suggests a lack of overbought or oversold conditions, indicating scope for price shifts in either direction.
However, descending beneath the $75 mark would lead to noteworthy support around $69.5. Breaching this support level could signify a deeper correction, hindering QNT’s ability to regain its bullish drive.
Divergent signals for network expansion and transactions
On-chain statistics present a contrasting view for QNT. There is a minor bearish signal in net network growth, declining by 0.25%, indicating a decrease in new network entrants.
Conversely, large transactions depict bullish activity with a 0.98% rise, hinting at accumulation by whales and institutional investors, possibly exerting upward pressure in the immediate future.
However, the “in the money” metric remains neutral at 0.44%, indicating that a majority of present holders are neither significantly profiting nor losing.
Furthermore, the distribution of holdings remains constant, consolidating a stable perspective.
Factors driving further expansion
Simultaneously, QNT’s OI-Weighted Funding Rate exhibits a slightly positive trend, currently at 0.0098% as of September 29th.
This minor uptrend indicates rising confidence among long positions, potentially prompting futures traders to push QNT higher in the short run.
A continuing improvement in the OI-Weighted Funding Rate could potentially trigger a bullish surge fueled by derivative trading.
Although QNT displays potential for upward growth, maintaining the critical $75 support level is imperative. The upcoming sessions will unveil whether QNT can breach the $85 resistance or undergo another consolidation phase.