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Cryptocurrency News Articles
Quant (QNT) Price Analysis: Bulls Eye Breakout as Key Resistance Levels Test Market Sentiment
Sep 30, 2024 at 04:00 pm
Quant [QNT] continues to gain the attention of both retail traders and institutional investors due to its strong bullish sentiment.
Quant (QNT) has attracted attention due to its strong bullish sentiment among retail traders and institutional investors. Recent data indicates an optimistic market mood, raising questions about whether QNT can sustain its rally or encounter challenges.
At press time, QNT was valued at $75.36, experiencing a slight decline of 1.88% over the last 24 hours. Despite this minor setback, many investors remain interested in its potential breakout. However, several factors will determine if QNT can continue its upward trend.
A glance at QNT's price action reveals that it recently tested the $85 resistance level after a steady rise earlier in September. However, the price encountered difficulty breaking through and retraced to the mid-$70 range.
An analysis of QNT's technical indicators using TradingView shows the 20-day simple moving average (SMA) at $75.1, providing crucial support for the price.
Hence, holding this level is vital for any further bullish continuation. If QNT manages to remain above this threshold, it could retest the upper Bollinger Band around $80.7, offering short-term relief for the bulls.
Furthermore, the Relative Strength Index (RSI) at 58.36 indicates a condition where the price is neither overbought nor oversold, suggesting room for price movement in either direction.
However, if QNT falls below the $75 level, the next significant support is near $69.5. A break below this support could signal a deeper correction, making it harder for QNT to regain its bullish momentum.
Moving on to onchain metrics, provided by IntoTheBlock, we can observe a contrasting picture for QNT.
The Net Network Growth metric displayed a slight bearish signal, decreasing by 0.25%, indicating that fewer new participants are joining the network.
On the other hand, the Large Transactions metric showed bullish activity, increasing by 0.98%, suggesting that whales and institutional investors are accumulating QNT. Consequently, this could lead to upward pressure in the near term.
In contrast, the “in the money” metric remained neutral at 0.44%, implying that most current holders are neither in significant profit nor loss.
Additionally, the concentration of holdings stayed the same, reinforcing a stable outlook.
Finally, a glance at QNT's OI-Weighted Funding Rate, provided by Coinglass, revealed a slightly positive trend. The rate stood at 0.0098% as of the 29th of September.
This slight uptick signaled growing confidence among long positions, and consequently, futures traders may push QNT higher in the short term.
Read Quant's [QNT] price prediction 2023–2024
If the OI-Weighted Funding Rate continues to improve, we could see a bullish rally driven by derivatives trading.
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