Key takeaways
- Quant (QNT) extends its rally toward $80, supported by rising whale and retail demand.&
- A breakout above the $80 resistance could set the stage for a potential rise toward $100.&
Quant (QNT) has extended its recent gains towards the $80 mark on Thursday, testing the potential breakout from a long-standing resistance trendline.&
The cryptocurrency’s bullish technical outlook is supported by rising leverage-based activity from large wallet investors, or whales, with a daily close above $80 paving the way for a possible rally toward the $100 target.
Whale and retail demand fuel Quant’s steady recovery
Quant’s steady short-term recovery is being driven by growing demand from both retail and large-wallet investors.&
CryptoQuant data reveals an increase in the average order size of executed orders in the leverage market, indicating heightened whale activity. Additionally, the 90-day cumulative volume difference between buy and sell orders reflects a clear buy dominance, further supporting bullish sentiment.
CoinGlass data shows that QNT futures Open Interest (OI) has surged to $17.61 million, up significantly from $16.96 million on May 1.&
This steady recovery in QNT futures is now approaching the peak of $38.27 million reached on September 21, indicating continued investor interest and positive market sentiment.
Technical outlook: Will Quant reach $100?
The QNT/USD 4-hour chart is bullish as Quant is up by 7% in the last 24 hours. It is currently trading at $78, above the 200-day Exponential Moving Average (EMA) near $77.52.&
The Moving Average Convergence Divergence (MACD) histogram is positive, with the MACD line crossing above its signal and both moving above zero, signaling strong bullish momentum.&
The Relative Strength Index (RSI) hovers around 64, indicating firm bullish momentum, though edging closer to overbought territory as price approaches higher resistance levels.
If the rally continues, a decisive close above the descending trendline break level near $77.89 would confirm a breakout from the triangle pattern on the daily chart.&
Such a breakout could pave the way for a rally toward the $88.30 swing high, followed by the 127.2% Fibonacci extension level at $101.14.
However, if the bears regain control of the market, they would encounter initial support at the 50-day EMA near $72.03.&
A deeper pullback would target the 50% retracement level around $68.79, with further support found at the former rising trendline region near $67.86 and the 38.2% retracement near $66.86.
The post Quant (QNT) extends gains toward $80, testing breakout resistance appeared first on CoinJournal.
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