Quantum (QNT) is demonstrating positive signals of recovery, maintaining its price close to crucial support levels despite a recent loss in momentum.
Currently, QNT is trading at $104.17, showing a 1.05% decrease over the last 24 hours. The coin is forming a double-bottom pattern around $102, indicating a possible uptrend.
Yet, the major obstacle remains breaching the resistance at $121.44 to confirm a bullish trajectory.
Price Action and Double-Bottom Pattern Assessment
Chart analysis has identified an optimistic double-bottom formation at $102, hinting at potential upward momentum. This pattern typically signifies a reversal in a downtrend, a path that Quant appears to be following.
A successful breakthrough above $121.44 resistance would validate this reversal, paving the way towards the next significant hurdle at $145.12.
Conversely, a failure to maintain $102 support could result in an extended consolidation period, delaying substantial price movements. Hence, the $102 support level is vital for QNT’s immediate trajectory.
The Parabolic SAR is currently placing dots below the candlesticks, indicating a building bullish momentum. This development aligns with the possibility of further price hikes, particularly if QNT surpasses resistance levels.
Furthermore, the Relative Strength Index (RSI) stands at 46.94, reflecting subdued buying interest. Nonetheless, breaching the 50 level on the RSI would signify growing buyer confidence, potentially fueling further uptrends.
Collectively, these indicators point towards an emerging bullish trend.
Increasing Network Activity
Network activity is on the rise, showcasing heightened user engagement and involvement. The past week saw a 38.28% surge in active addresses and a 29.50% increase in new addresses.
This uptick indicates escalating participation from both new and existing users, often correlating with stronger price performance. Hence, the increasing engagement bolsters the positive outlook for QNT in the near term.
Declining Selling Pressure on Quant
Outflow transaction count surged by 43.33% in the previous week, indicating diminished selling activities and a growing accumulation trend.
This shift aligns with more investors opting to hold onto QNT rather than sell, a behavior that typically precedes bullish moves as demand surpasses supply in the market.
Analysis of Exchange Reserves
The exchange reserve for QNT decreased by 0.24% in the last 24 hours, dropping to 1.3927 million QNT. This decline points to increased withdrawals as investors transfer their tokens off exchanges for long-term investments.
Hence, the decreasing exchange reserves signify confidence in QNT’s future potential. Furthermore, lower reserves usually suggest reduced sell pressure, further supporting the bullish outlook.
QNT exhibits promising signs of a bullish breakout, underpinned by a double-bottom formation, elevated network activity, and declining exchange reserves. A successful climb above $121.44 could propel the coin towards $145.12 and beyond.
However, the sustainability of this upward trend depends on maintaining network engagement and surpassing key resistance levels.
While the future of QNT appears bright, upcoming days will be crucial in determining its trajectory.