QNT’s astonishing price increase
Quant has seen an impressive price movement, rising 28% after breaking out of a falling wedge, a phenomenon that indicates bullish momentum with a target price of $103.20. Meanwhile, market sentiment has also improved as foreign exchange reserves have fallen.
QNT has been on a tear over the past 24 hours, with a staggering 28% price increase to $83.76 at press time, drawing a lot of attention. The price surge was accompanied by a 523% surge in trading volume, pushing its market cap to over $1.01 billion. QNT’s price action is gathering momentum amid mixed trends in the cryptocurrency market as a whole. The question now is whether this breakout signals the start of a sustained bull run.
What drives Quant’s rise
QNT has successfully broken out of a long-term falling wedge pattern, and this breakout signals a possible shift in market sentiment. Based on historical experience, such breakouts often signal the start of a bullish trend, and QNT's current trend seems to follow this rule. However, the key resistance level of $103.20 is about to be tested. A break above this level may trigger stronger buying momentum; conversely, a resistance may lead to a retest of the lower support level near $70.
Technical indicators also reflect the current positive trend. At press time, the Stochastic RSI was 85.63, which is in the overbought zone, which shows strong buying activity, but also increases the possibility of a correction in the short term. In addition, the crossover of the moving averages (MAs) at $69.50 and $63.80 also confirms the bullish momentum, as the short-term MA (9-day) has crossed above the long-term MA (21-day). These indicators highlight that the current momentum is strong, but investors still need to be cautious after such a rapid growth.
The positive significance of QNT foreign exchange reserves
Exchange reserves have decreased by 2.27% in the past 24 hours and currently stand at 1,535,700 tokens. The availability of QNT on exchanges is decreasing, which generally means that selling pressure is decreasing and investor confidence is increasing. Therefore, as the amount of QNT that can be sold immediately decreases, the probability of price increases will increase accordingly as long as market demand remains strong, which is undoubtedly a key bullish signal.
On-chain signals highlight QNT’s strength
On-chain metrics further highlight QNT's strong position. Notably, the number of large transactions surged 8.90% and the network net growth rate climbed 0.62%, indicating increased participation and activity among major holders. In addition, 1.42% of QNT wallets are currently in a "moneyed" state, reflecting improved profitability. While the concentration of top holders has decreased slightly (-0.23%), overall market sentiment remains bullish.
Outlook for QNT’s future trend
Quant's breakout from the descending wedge, accompanied by a 28% price surge and a 523% volume increase, all indicate strong bullish momentum. However, the $103.20 resistance level remains a key decisive barrier. If QNT can break through this level in the next few days, it is likely to confirm a broader bullish reversal trend and could trigger further price increases. Investors are closely watching the subsequent development of QNT, and this change in price trend may bring new opportunities and challenges to the cryptocurrency market.
The information provided in this article is for informational purposes only and does not constitute advice of any kind.
