Quant [QNT] has managed to break free from a prolonged downward trend, suggesting a potential surge towards the $135–$140 range.
Currently, QNT is priced at $106.15, showing a noteworthy 15.29% daily uptick and a 10.65% increase over the past week. With a circulating supply of 15 million QNT, its market capitalization stands at $1.50 billion.
Crucial Levels and Price Movement
As of now, the price chart for Quant demonstrates a decisive breakout from a downtrend pattern that had persisted since December 2023.
This breakout indicates a shift in market sentiment, as buyers propel QNT towards higher resistance levels.
Having confirmed this breakout, the next hurdle lies within the $135 to $140 range, a level of historical significance. If buying momentum persists, QNT could test these levels shortly.
Conversely, failing to sustain above the breakout zone might see the prior resistance at $95–$100 stepping in as crucial support.
Maintaining this threshold would validate the breakout, while a drop below could lead to further consolidation.
Building Momentum Ahead
Technical indicators point toward an acceleration in QNT’s bullish momentum. The Relative Strength Index (RSI) is at 59.68, nearing bullish territory without entering the overbought region.
A potential move of RSI above 70 could hint at resistance, foreshadowing a brief pullback.
With the MACD line reaching 1.56 and crossing above the signal line at -0.08, a bullish crossover has formed. Moreover, the MACD histogram has turned positive, illustrating a surge in buying pressure.
Should this trend persist, QNT may uphold its upward trend, further solidifying the breakout’s strength.
Futures Market and Spot Trading Activity
Coinglass data reveals a 23.98% surge in QNT’s Open Interest, reaching $13.47M, indicating heightened trader involvement. Previous data hints that Open Interest spikes beyond $30M in December and April have led to increased price volatility.
If the Open Interest continues to climb, QNT could witness further price shifts, potentially testing elevated resistance levels.
In addition, QNT spot netflow surged to $2.35M on February 26th, showcasing a significant influx of assets into exchanges. This may indicate forthcoming selling pressure as traders prepare to offload their holdings.
However, if market demand absorbs this inflow, QNT could sustain its bullish momentum and continue its upward stride.
Is QNT Poised to Maintain its Bullish Momentum?
Backed by escalating Open Interest, rising trading volume, and bullish technical indicators, QNT seems well-positioned for further growth. With sustained momentum, a move towards the $135–$140 resistance region appears probable.
Traders will closely track volume patterns, RSI levels, and price movements to gauge whether QNT can uphold its upward trajectory or transition into a consolidation phase.