New York, NY – Quant (QNT) faced resistance at the $85 mark, while showing stability at $75 amidst conflicting Relative Strength Index (RSI) signals. Despite this, on-chain indicators pointed towards whale accumulation and a positive funding rate, hinting at a potential uptrend.
The cryptocurrency QNT has been gaining traction among both individual traders and institutional investors for its bullish outlook. Recent data suggests that market sentiment remains optimistic, raising questions about the sustainability of QNT’s current momentum in the face of potential challenges.
Currently trading at $75.36, QNT has experienced a slight dip of 1.88% over the past 24 hours. Despite this, many investors are closely monitoring the potential breakout of QNT, with various factors influencing its ability to maintain an upward trajectory.
In recent trading sessions, QNT tested the $85 resistance level following a steady climb in September. However, the cryptocurrency struggled to surpass this threshold and retreated to the mid-$70 range. The 20-day simple moving average (SMA) at $75.1 acts as a crucial support level, with the potential for a retest of the upper Bollinger Band near $80.7 if the cryptocurrency remains above $75.
While the RSI stands at 58.36, indicating a balanced market condition without extreme overbought or oversold signals, a drop below $75 could lead to a further decline towards the $69.5 support level, potentially stalling QNT’s bullish momentum.
On-chain metrics present a mixed outlook for QNT, with net network growth showing a bearish trend while large transactions suggest bullish activity as whales and institutional investors continue to accumulate QNT. Despite this, the concentration of holdings remains stable, indicating a neutral stance among current holders.
The OI-Weighted Funding Rate for QNT has displayed a slightly positive trend, currently standing at 0.0098% as of September 29th. This upward movement could indicate growing confidence among long positions, potentially driving QNT higher in the near term through futures trading.
While the cryptocurrency presents opportunities for upward momentum, maintaining the $75 support level will be crucial in determining whether QNT can successfully break the $85 resistance or experience a period of consolidation in the near future.