Quant [QNT] price prediction: As THIS flips bullish, is $128 coming?

At the current moment, Quant [QNT] is exchanging hands at $117, marking an impressive surge of over 10% within the last 24 hours. Trading volumes have also seen a notable increase of 53% to reach $30M according to CoinMarketCap, while the token’s market capitalization has climbed to $1.41 billion. 

Despite the bearish sentiment among the general crowd, smart investors have started to show a bullish outlook on QNT, as indicated by Market Prophit. 

One of the reasons behind this positive sentiment from experienced traders could be the encouraging outlook on Quant’s short-term chart. 

Anticipating a Potential Rise to $128

Analysis of Quant’s four-hour chart reveals the completion of a W pattern, typically signaling an impending uptrend. 

Furthermore, the token has successfully crossed the neckline of this pattern with significant trading volumes, reflecting a strong bullish momentum. 

Currently, Quant is encountering a robust resistance level at $119. If this level is surpassed, the altcoin might be on track for a push towards levels above $128 seen in mid-December. 

Confirmation of this optimistic stance comes from the Relative Strength Index (RSI) with a value of 62, indicating higher buying pressure compared to selling pressure at the moment. 

Moreover, the upward trend of the RSI suggests a growing interest from buyers. 

Additionally, the Moving Average Convergence Divergence (MACD) line has recently witnessed a bullish crossover after turning positive. 

The decreasing MACD histogram bars further strengthen the argument that buyers are re-entering the market, potentially aiding in a breakthrough above the resistance level towards $128. 

Beneficial Impact of Decreasing MVRV on Price

Quant’s Market Value to Realized Value (MVRV) ratio has observed a significant decrease over the past month, dropping from 2.81 to 1.92. 

A diminishing MVRV indicates reduced profitability for QNT holders, with the percentage of wallets in profit declining from 85% to 39% during the same period. 

While the declining MVRV could signal that QNT is not at risk of being overvalued, it may lead to heightened selling pressure if these wallets opt to sell in order to mitigate losses. 

A drop in profitability could potentially instigate a bearish sentiment among investors. 

Crucial Level to Monitor

Quant’s liquidation heatmap suggests that there is a concentration of liquidations around the $120 mark. This level could serve as a critical zone if traders at risk choose to close their positions as prices rise. 

If QNT experiences an uptick and the open positions at $120 face liquidation, it could trigger a short squeeze scenario where short sellers transition to buyers, leading to an upward trend.