Quant (QNT) has recently broken out of a long-term descending trendline on its weekly chart, sparking excitement among traders and analysts. The cryptocurrency is currently trading at $88.76, up 0.81% in the last 24 hours. This breakout suggests a possible reversal of its bearish trend and potential gains to $229. The key question now is whether QNT can sustain this momentum and reach new highs on the charts.
Technical analysis indicates bullish targets for QNT, with the breakout from the descending channel signaling a shift in sentiment. The cryptocurrency could aim for its first resistance at $136.2, and a rally could potentially push it towards the critical $229 level. The Moving Average Cross and MACD indicator both support this bullish outlook, pointing to upward price movement in the near term.
On-chain metrics also add to the confidence in QNT’s potential gains. The Net Network Growth metric has increased by 0.66%, reflecting a rise in new users and activity on the Quant network. The “In the Money” metric shows that 2.11% of QNT holders are in profit, indicating stronger investor sentiment. Large transactions have also surged, signaling greater involvement from high net-worth individuals or institutions.
Quant’s declining exchange reserves further point to lower selling pressure, with reserves decreasing to 1.526 million at press time. A decrease in exchange reserves typically means reduced selling pressure as investors transfer their holdings to long-term storage. This could lead to a supply squeeze, supporting upward price movement for QNT.
Overall, QNT’s breakout above the descending trendline, coupled with bullish technical indicators and robust on-chain metrics, suggest that the cryptocurrency may be poised for further gains. If it successfully clears the $136 resistance level, a move towards $229 is highly plausible. All signs point to QNT potentially entering a major bullish phase, making it a token to watch in the near future.
