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- Quant’s breakout of a descending wedge and a 28% rise signaled bullish momentum, targeting $103.20.
- Market sentiment improved as foreign exchange reserves declined.
Quant (QNT) stole the show with a stunning 28% price increase in the last 24 hours, hitting $83.76 at press time.
This rise was accompanied by a massive 523% increase in trading volume, bringing its market capitalization to over $1.01 billion. As crypto markets showed mixed trends, QNT’s price action was gaining momentum.
The question now is whether this breakout marks the start of a sustained uptrend.
Quant: What motivates the rally?
QNT’s exit from an extended descending wedge pattern signaled a potential shift in market sentiment.
Such breakouts have historically indicated the start of uptrends, and QNT appears to be following this trajectory. However, critical resistance at $103.20 looms.
Breaking above this level could trigger stronger buying momentum, while a rejection could lead to a retest of lower support levels near $70.
Technical indicators reflect this positive sentiment. The stochastic RSI was 85.63 at press time, firmly in overbought territory, indicating strong buying activity but also raising the possibility of near-term corrections.
Additionally, the moving average (MA) at $69.50 and $63.80 confirmed the bullish momentum as the short-term (9-day) MA rose above the long-term (21-day) MA.
These indicators highlight a strengthening of dynamics, but caution remains in order after such rapid gains.
Source: TradingView
QNT Foreign Exchange Reserves: A Key Bullish Signal
Exchange reserves decreased by 2.27% over the past 24 hours, standing at 1.5357 million tokens at press time. Reduced availability on exchanges often indicates lower selling pressure and increasing investor confidence.
Therefore, with less QNT available for immediate sale, the potential for price increases increases, provided demand remains robust.
Source: CryptoQuant
On-Chain Signals Indicate Growing Confidence
The on-chain metrics further highlighted QNT’s strong position. Notably, large transactions jumped by 8.90% and net network growth by 0.62%, signaling increased adoption and activity among major holders.
Additionally, 1.42% of QNT portfolios were now “in the money,” reflecting increased profitability. Although concentration among major holders decreased slightly (-0.23%), overall sentiment remained mostly bullish.
Source: In the block
Read Quant (QNT) Price Prediction 2024-2025
Will QNT maintain its bullish momentum?
Quant’s breakout above its descending wedge, accompanied by a 28% price rise and a 523% increase in trading volume, signaled strong bullish momentum.
However, resistance at $103.20 remains a decisive obstacle. If QNT manages to break above this level in the coming days, it will likely confirm a broader bullish reversal and could potentially trigger further gains.
