- QNT failed to move past the $85, with mixed RSI signalling holding support at $75.
- The on-chain indicators indicated a whale accumulation rate and positive funding, hinting towards a possible rally.
Quant [QNT] The strong bullish sentiment continues to draw the attention of retail traders and institutional investor alike.
As per recent dataMarket sentiment is optimistic. However, it raises the question of whether QNT’s momentum can be maintained or will face additional challenges.
QNT’s price was $75.36 at the time of publication, down 1.8% from 24 hours earlier. Many investors still have their eyes on QNT’s possible breakout. But several factors determine whether QNT will be able to maintain its upward trend.
Price action and key resistance levels
QNT tested $85 as resistance recently after an upward trend in early September. Price struggled, however, to reach the $85 resistance and returned to the middle of the $70-range. The 20-day moving average was $75.1 at the time of publication, providing crucial support.
Holding this level will be crucial for any future bullish movement. QNT could test the upper Bollinger Band at $80.7 if it remains above this level, which would provide short-term relief to bulls.
The Relative Strength Index at 58.36 also indicates that the price is not overbought or oversold, indicating room for movement either way.
If QNT drops below $75, then the next important support level is around $69.5. If QNT breaks below this level, it could indicate a more severe correction. This would make QNT’s bullish momentum harder to recover.
TradingView
Mixed signals on network growth and transaction
The Onchain metrics for QNT paint a mixed image. A slight decline in net network growth of 0.25% indicated that less new members are joining.
Large transactions, however, show bullish behavior, a 0.98 % increase. This suggests whales and institution investors are collecting QNT. This may lead to an increase in QNT prices.
Contrary to this, “in the money” The metric is neutral, at 0.44%. This means that the majority of current owners are not in significant loss or profit.
The concentration of shares remains unchanged. This reinforces a stable future.
Source: IntoTheBlock
What are the key factors that can drive growth further?
QNT’s OI Weighed funding rate, which stood at 0.0098% by the 29th, showed a positive trend.
Futures traders could push QNT up in the near term due to this slight increase.
Click Here to Read Quant’s [QNT] price prediction 2023–2024
We could witness a bullish surge driven by the derivatives trade if OI Weighted Funding rate improves.
Coinglass
QNT has the potential to move upwards, but maintaining $75 as a support level is vital. QNT’s performance in the coming sessions will determine whether it can overcome its $85 resistance level or if QNT is forced to go through another consolidation period.
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Source: ambcrypto.com
