Quant (QNT) is currently trading at $114, showcasing exceptional performance compared to other alternative cryptocurrencies with a notable 24-hour gain exceeding 15%. Over this period, trading volumes spiked by 130% according to CoinMarketCap, indicating a significant rise in interest towards the altcoin.
Several bullish indicators suggest that Quant’s upward momentum may persist. The Chaikin Money Flow (CMF) stands at 0.18, signaling strong buying pressure and a northward trend, reflecting an increasing number of buyers entering the market.
Additionally, the Moving Average Convergence Divergence (MACD) confirms the bullish momentum. The MACD line has been on an upward trajectory since mid-November, consistently staying above the signal line as the price continues to rise.
If the MACD line maintains its upward momentum and the histogram bars stay above the signal line, QNT might witness further price appreciation. Traders should monitor for signs of exhaustion in this rally if the MACD line crosses below the signal line, indicating a potential sell signal.
If buying pressure persists and the uptrend continues, QNT could potentially surge by 27% towards its next target at the 1.618 Fibonacci level, reaching $142.
Record High Open Interest
Alongside technical indicators, the derivatives market activity bolsters the optimistic outlook, as Quant’s open interest (OI) hit $22 million, marking its highest level since April.
Historically, Quant’s OI tends to rise in tandem with price increments. Therefore, increased trading activity on QNT could further propel its upward trajectory. Conversely, a decline in this metric might signal a potential local peak for QNT.
Favorable funding rates for long traders since mid-November further indicate positive market sentiment towards QNT, contributing to the surge in open interest.
Quant’s Exchange Netflows Indicate Continued Uptrend
Data on exchange flows reveals that profit-taking activities have not exerted significant downward pressure to disrupt Quant’s ongoing uptrend. Recent data shows that over the weekend, holders withdrew over 18,400 QNT (approximately $1.8M) from spot exchanges.
CryptoQuant data highlights negative exchange netflows for QNT over the past three days, suggesting an increased trend of traders withdrawing funds from exchanges.
Reduced selling pressure implies a positive outlook for the QNT token, as traders anticipate further price appreciation despite increased profitability.
According to IntoTheBlock, the percentage of QNT wallets in profit has surged from 4.96% to 26% within a month, reflecting growing investor confidence in the token.
Overall, these bullish signals have significantly improved market sentiment towards QNT, with Market Prophit indicating that both the crowd sentiment and smart money sentiment towards the altcoin remain overwhelmingly positive.