Quant’s triangle breakout: Here’s how QNT can rally by 77%
Quant surges 8%, with whales accumulating $1.29M—A market flush-out could benefit QNT in the long run.
- The market flush-out in the past trading session could be part of the overall movement before a major rally.
- A surge in Quant’s active addresses correlated with buying activity from different market segments.
Quant [QNT] has managed to maintain the positive zone in the past week, growing 8.15%, with the tendency to trend higher as dictated by its measly rally of 0.58% in the past 24 hours.
This is supported by its current technical pattern and buying activity from market participants.
Investors flush out ahead of a major move
On the daily chart, QNT has been trading within a bullish triangle pattern, with prices trending within a defined range of support and resistance. Recently, QNT breached this pattern, forming a potential stop hunt.
A stop hunt occurs when the price trends lower abruptly, breaching support or resistance, liquidating orders in the market before rallying in the initial market direction.
In this case, QNT breached the support level, allowing smart investors to accumulate more QNT at a cheaper price before trending higher.
However, QNT’s potential for a major move is contingent on the asset reclaiming support at $96.9.
If it does, returning into the bullish pattern, then QNT could likely breach the pattern upward. This established a new high of $171.7—a 77.45% market rally.
Buying activity from Quant traders could push prices higher
There’s been a surge in the number of activities among market participants trading QNT. AMBCrypto links this to buying activity based on the amount sold on exchanges in the past 48 hours.
Insights from IntoTheBlock show that in the past seven days, the number of active addresses increased by 2.02%. The number reached 897 unique addresses in the past 24 hours.
These addresses have contributed to approximately $280,000 QNT purchased in the past 48 hours.
According to the current exchange netflow, which turned negative, $262,320 was purchased in the past day, with an additional $18,110 worth of the asset purchased, at press time.
If the purchase keeps growing, it presents a decent chance for QNT to reclaim the support level and make a major move upward.
Large holder trading spikes again
After a slight decline in activity, interest among large holders of QNT, who control a notable supply of the asset, has moved to the upside.
From its low the previous day, a total of $1.29 million in QNT was traded in the market. This indicates interest among large holders.
This interest could benefit the asset price, which has seen an upward climb in the past 24 hours.
