Quant [QNT] is currently displaying positive signs of recovery, as its price remains stable around crucial support levels despite facing a recent decline in momentum.
As of the latest update, QNT was being traded at $104.17, experiencing a minor decrease of 1.05% within a 24-hour period. The token is in the process of forming a double-bottom pattern around $102, indicating a potential uptrend.
Nevertheless, the main obstacle lies in surpassing the resistance level of $121.44 to confirm a bullish trajectory.
Analysis of Price Movement and the Formation of a Double-Bottom Pattern
Recent chart analysis has revealed an optimistic double-bottom pattern forming at $102, suggesting a potential uptrend. Such a pattern commonly indicates a reversal from a downtrend, a signal that Quant appears to be following.
A breakthrough above the $121.44 resistance level would validate this reversal and pave the way for targeting the next significant resistance level at $145.12.
Conversely, a failure to maintain the $102 support level could result in an extended consolidation period, delaying substantial price movements. Therefore, the $102 support region is crucial for the token’s short-term outlook.
The Parabolic SAR currently displays dots below the candlesticks, indicating a buildup of upward momentum. This observation complements the potential for further price hikes, particularly if QNT manages to breach resistance levels.
In addition, the Relative Strength Index (RSI) is positioned at 46.94, suggesting subdued buying interest. Nonetheless, this placement leaves room for an uptick, and crossing the 50 mark would confirm a strengthening buyer sentiment.
Collectively, these indicators point towards the development of a bullish trend.
Increasing Network Activity
There has been a notable uptick in network activity, reflecting heightened user engagement and involvement. Active addresses have surged by 38.28% over the past week, while new addresses have seen a significant increase of 29.50%.
This rise implies increased participation from both new and existing users, often translating into more robust price movements. Consequently, the growing engagement reinforces positive expectations for QNT’s short-term prospects.
Declining Selling Pressure on Quant
Outgoing transaction counts have risen by 43.33% in the previous week, indicating reduced selling activity and an increase in accumulation.
This trend aligns with a growing number of investors opting to hold onto QNT instead of selling. As a result, such behavior typically precedes a bullish trend, as demand surpasses supply in the market.
Analysis of Exchange Reserves
The exchange reserves for QNT have decreased by 0.24% in the last 24 hours, dropping to 1.3927M QNT. This decline mirrors an increase in withdrawals, as investors transfer their tokens off exchanges for long-term holding.
Hence, the diminishing reserve levels indicate confidence in QNT’s future potential. Furthermore, lower reserves often signify reduced selling pressure, further supporting the bullish outlook.
In conclusion, QNT is exhibiting promising signs of a bullish breakout, backed by a double-bottom pattern, rising address activity, and decreasing exchange reserves. A successful breach of the $121.44 mark could pave the way for a target of $145.12 and beyond.
However, the continuation of upward momentum hinges on maintaining network participation and overcoming resistance barriers.
While the outlook for QNT appears favorable, the upcoming days will be crucial in determining its trajectory.