Quant’s Breakout Triangle: QNT Poised for 77% Surge
The cryptocurrency Quant (QNT) has demonstrated consistent positive growth in recent days, with an increase of 8.15% over the past week and a slight uptick of 0.58% in the last 24 hours, suggesting a potential upward trend.
Market participants have been actively buying QNT, supporting its current technical pattern and indicating a favorable market sentiment.
Anticipation Builds for a Significant Market Shift
On the daily trading chart, QNT has been following a bullish triangle pattern, oscillating between defined support and resistance levels. Recently, the pattern was breached, signaling a potential stop hunt scenario.
A stop hunt is observed when prices swiftly drop, breaking through support or resistance levels, triggering order liquidation before reversing back in the original market direction.
In this instance, QNT broke below the support level, providing savvy investors with an opportunity to accumulate at lower prices before an expected uptrend.
Nevertheless, QNT’s likelihood of a significant movement hinges on reclaiming support around $96.9.
If successful in returning to the bullish pattern, QNT could possibly break out upwards, setting a new high at $171.7—an impressive 77.45% increase in the market.
Market Action Points Towards Potential Price Surge
Market analysis indicates a surge in trading activities among those dealing with QNT, potentially fueled by a rise in buying activity due to recent exchange transactions.
Data from IntoTheBlock reveals a 2.02% increase in active addresses within the past week, with 897 unique addresses recorded in the last 24 hours.
These addresses collectively purchased approximately $280,000 worth of QNT in the last 48 hours. Furthermore, current exchange netflow data indicates a negative flow, with $262,320 bought within a day, and an additional $18,110 acquisition at present.
If this buying trend continues, it could strengthen the chance for QNT to reclaim support levels and trigger a substantial upward movement.
Resurgence in Trading by Major Holders
Despite a brief lull in activity, significant holders of QNT, commanding a considerable portion of the asset’s supply, have shown renewed interest.
Yesterday alone witnessed a substantial $1.29 million in QNT trading, signaling heightened participation among large holders, a factor that may positively impact the asset’s price, as seen in the recent 24-hour uptrend.