- QNT’s breakout from its descending trendline and bullish indicators signaled potential gains to $229
- On-chain metrics and declining exchange reserves highlighted growing demand and reduced selling pressure
Quant [QNT] recently broke out of a long-term descending trendline on its weekly chart, igniting excitement among traders and analysts alike. The breakout pointed to a possible reversal of its months-long bearish trend, with QNT trading at $88.76 at press time – Up 0.81% in the last 24 hours.
However, the question remains – Can QNT sustain this momentum and hit new highs on the charts?
Technical analysis hints at bullish targets
QNT’s breakout from its descending channel marked a significant shift in sentiment. This technical development suggested that the cryptocurrency could aim for its first resistance at $136.2.
Additionally, if the rally gathers any momentum, QNT might surge towards the critical $229-level, offering significant upside potential.
Moreover, the Moving Average (MA) Cross highlighted growing bullish momentum, with the 9-week MA at $70.1 crossing above the 21-week MA at $69.3. This alignment typically is a sign of upward price movement.
Additionally, the MACD indicator further supported this outlook as the histogram turned positive with a press time reading of 3.1 – Indicating strengthening bullish momentum. These technical signals, combined, pointed to a potential rally towards the $136.2 and $229 key levels in the near term.
QNT’s bullish on-chain metrics add further confidence
On-chain data provided more reasons for optimism. The Net Network Growth metric, for instance, hiked by 0.66%, reflecting a rise in new users and activity on the Quant network. Furthermore, the “In the Money” metric indicated that 2.11% of QNT holders were in profit – A sign of stronger investor sentiment.
Additionally, large transactions surged by 15.86%, signaling greater involvement from high net-worth individuals or institutions. Although concentration among large holders revealed minimal bearish influence, the larger on-chain picture seemed heavily skewed towards bullish activity.
To put it simply, QNT’s on-chain performance seemed well in line with its bullish technical breakout.
QNT exchange reserves point to lower selling pressure
Quant’s declining exchange reserves projected figures of 1.526 million at press time, following a 0.07% drop in the last 24 hours.
A fall in exchange reserves often means reduced selling pressure as investors transfer their holdings to long-term storage. This could precipitate a supply squeeze, further supporting upward price movement.
Read Quant’s [QNT] Price Prediction 2024–2025
QNT’s breakout above its descending trendline, coupled with bullish technical indicators and robust on-chain metrics, suggested that the cryptocurrency may be poised for further gains.
If it successfully clears the $136 resistance level, a move towards $229 may be highly plausible. Therefore, all signs pointed to QNT potentially entering a major bullish phase, making it a token to watch in the near term.