Quant [QNT] has been attracting considerable attention from both individual traders and institutional investors, thanks to its prevailing bullish sentiment.
Recent data indicates that market sentiment remains positive, prompting speculation about whether QNT can uphold its current momentum or encounter further hurdles.
As of the latest update, QNT was valued at $75.36, showing a 1.88% decrease in the past 24 hours. Despite this slight dip, many investors are eagerly awaiting a potential breakthrough, with various factors poised to dictate QNT’s future trajectory.
Evaluating Resistance Levels and Price Trends
QNT recently tested the $85 resistance level following a steady climb in early September. However, the price faced resistance and retracted to the mid-$70 range. Presently, the 20-day simple moving average (SMA) stands at $75.1, serving as a critical support level.
Thus, maintaining this threshold is pivotal for any further bullish momentum. Should QNT hold above this mark, a retest of the upper Bollinger Band around $80.7 could be on the horizon, offering temporary relief for bullish investors.
Moreover, the Relative Strength Index (RSI) at 58.36 indicates a balanced market, implying the potential for price movements in either direction.
Conversely, if QNT drops below $75, the next notable support level lies near $69.5. A breach beneath this support level might signify a more substantial correction, potentially hindering QNT’s ability to regain its upward trajectory.
Conflicting Indicators on Network Expansion and Transactions
Onchain metrics present a conflicting outlook for QNT. Network growth shows a slight decline of 0.25%, indicating a bearish signal as fewer new participants join the network.
However, significant transactions reveal bullish behavior, with a 0.98% uptick, suggesting that whales and institutional investors are amassing QNT, potentially exerting upward pressure in the short term.
At the same time, the “in the money” metric remains neutral at 0.44%, indicating that current holders are mostly unaffected in terms of profit or loss.
Furthermore, the concentration of holdings remains steady, underscoring a stable outlook for QNT.
Drivers of Future Growth
Meanwhile, QNT’s OI-Weighted Funding Rate demonstrates a slightly positive trend, recording 0.0098% as of September 29th.
This modest uptick signals growing confidence in long positions, potentially motivating futures traders to steer QNT higher in the short run.
If the OI-Weighted Funding Rate continues its upward trajectory, a bullish surge catalyzed by derivatives trading could be in the offing.
While prospects for upward movement in QNT appear promising, safeguarding the $75 support level remains paramount. The upcoming trading sessions will unveil whether QNT can overcome the $85 resistance or encounter a consolidation phase once more.