QNT hits $147, forming a bullish ascending channel pattern.
A monthly surge of 151%, RSI at 84 signals overbought conditions.
Quant (QNT) surged to a nine-month high of $147 as the altcoin market experienced a major rally. The global cryptocurrency market capitalization increased by 2%, with trading volumes jumping 24% in the past 24 hours. Several major cryptocurrencies also recorded remarkable milestones during this bull run, including XRP hitting a seven-year high, ONDO reaching its all-time high (ATH), ADA touching a two-year high, and AVAX climbing to an eight-month peak.
Meanwhile, QNT’s rally has caught the attention of analysts, with its price movement forming an ascending channel pattern—a bullish indicator. An ascending channel is identified when an asset’s price consistently makes higher highs and higher lows, moving within two parallel trendlines sloping upward. The upper line marks resistance, while the lower line acts as support.
QNT Price Chart, Source: Sanbase What is Ahead For QNT?
QNT’s immediate resistance levels are identified at $151 and $332.5, while the support levels are set at $96.6 and $59.9. Traders interpret the continuation of this pattern as a positive signal for further upward momentum.
Moreover, the recent price surge has led to impressive gains for QNT, with its value increasing by 151% over the past month and 47% in the past week alone. Despite these gains, QNT remains 67% below its ATH.
Market indicators highlight caution, with the Relative Strength Index (RSI) for QNT reaching 84, signaling an overbought condition. An RSI above 70 typically indicates that an asset is overbought and may face a potential price correction.
The ongoing altcoin bull run has rejuvenated interest in the cryptocurrency market, with QNT emerging as one of the standout performers. However, traders and investors should remain vigilant, given the elevated RSI and the broader market’s volatility. As Quant continues its upward trend, market participants are closely monitoring its ability to sustain momentum and break key resistance levels in the coming days.
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