Quant (QNT) has experienced a significant surge, gaining over 10% in 24 hours and reaching a price of $117. This rally is attributed to several factors, including bullish chart patterns, increased trading volume, and positive sentiment among expert investors. The altcoin's four-hour chart displays a completed W pattern, signaling an impending uptrend. Additionally, technical indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) confirm the bullish momentum. However, QNT faces resistance at $119, and a cluster of liquidations at $120 could potentially act as a magnet zone for short sellers.
, at press time, traded at $117 after an over 10% gain in 24 hours. Trading volumes had also spiked by 53% to $30M per CoinMarketCap, while the token’s market capitalization surged to $1.41 billion.One of the factors that could be fuelling the positive sentiment by expert investors is a bullish outlook on Quant ’s lower timeframe chart. Quant ’s four-hour chart showed that the altcoin had completed a W pattern, which often signals an upcoming uptrend.
Moreover, the token had surged past the neckline of this pattern with strong volumes, showing bullish momentum. Quant is facing strong resistance at the second peak at $119. If it manages to flip this level, the altcoin could be set for a rally to mid-December levels past $128.The Relative Strength Index confirmed this bullish thesis with the value of 62, indicating that buying pressure was higher than selling pressure at press time.The Moving Average Convergence Divergence line also formed a bullish crossover after flipping positive.
The shortening MACD histogram bars further confirmed that buyers were reentering the market, which could aid a breakout past resistance to $128.Quant’s Market Value to Realized Value ratio has recorded a steep decline in the past month. During this time, the ratio has dropped from 2.81 to 1.92. A declining MVRV shows that QNT holders have become less profitable. In fact, the wallets that are in profits fell from 85% to 39% within the same period.While this decline could suggest that QNT is not at risk of being overvalued, it could result in a surge in selling pressure if these wallets choose to sell to minimize losses.Quant’s liquidation heatmap showed that there was a cluster of liquidations at $120.
Quant QNT Crypto Altcoin Bullish Chart Patterns RSI MACD Trading Volume Resistance Liquidation
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