Quant, a significant participant in the cryptocurrency market, has attracted considerable attention due to its recent bullish breakout and robust technical indicators. Currently trading at $141.98 with a 6.08% drop, QNT appears to be testing the crucial $139 resistance level once again.
This pivotal moment could dictate the future trajectory of the token as it strives to sustain its upward momentum.
Analysis of QNT’s Chart – Breakout and Resistance Assessment
QNT recently emerged from a long-standing descending wedge pattern, which typically indicates a bullish reversal. However, the ongoing retest of the $139 resistance level holds significant importance. A successful hold at this level could validate the breakout and drive prices higher.
The technical indicators present a mixed but predominantly positive outlook. The MACD registered at -0.39, indicating mild bearish pressure that has been gradually diminishing. Moreover, the Stochastic RSI stood at 97.50, signaling overbought conditions and strong buying interest.
While these metrics collectively suggest an upward trend, the $139 support level must be maintained to sustain the bullish scenario.
Strength Indicators from On-Chain Data
On-chain metrics have strengthened the bullish case for QNT. Network growth witnessed a 0.84% increase, signifying healthy network expansion and rising user engagement. Moreover, a 3.59% surge in large transactions indicates heightened interest from institutional investors and whales.
Although “in the money” addresses saw a slight 0.22% decrease, suggesting a minor decline in profitability for holders, the 0.07% drop in exchange reserves, with only 1.542 million QNT held on exchanges, as per CryptoQuant analytics, indicates reduced selling pressure, often preceding an upward price movement.
Optimistic Shift in Market Sentiment
Market sentiment surrounding QNT remains bullish, supported by a 3.72% increase in open interest, totaling $28.27 million. This surge signifies growing trading activity and investor confidence.
In addition, crowd sentiment and smart money indicators seem to align, further boosting optimism for QNT’s price direction.
Prospects of a QNT Rally by 2025
QNT stands a strong chance to uphold its bullish breakout and ascend further. Backed by a robust blend of technical resilience, favorable on-chain metrics, and increasing market sentiment, the token appears primed for an upward trajectory.
Nevertheless, maintaining levels above $139 remains imperative to validate this breakout and achieve substantial gains heading into 2025.