Quant [QNT] Steals the Show on May 2: A Bullish Uptrend in Sight
Quant surpasses Bitcoin, Ethereum, and Solana with a 8.50% increase - Is QNT poised to reach $104?
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On a day when most cryptocurrencies struggled to make headway, Quant [QNT] shined, leading the market with a robust upward trend. In contrast to cryptos like Bitcoin [BTC], Ethereum [ETH], and Solana [SOL], QNT left them all in the dust, giving us reasons to believe that this uptrend could continue in the near future.
QNT Pricing Trends & Market Mood
At the time of writing, Quant was trading near $82.30, marking a significant 8.50% increase in the past 24 hours.
The surge in QNT's price has not gone unnoticed, as trading volume saw a whopping 115% hike during the same period. This upswell in both price and trading activity suggested that QNT was on a strong bullish trajectory, hinting that this uptrend could well be sustainable.
For comparison, while QNT was surging 8.50%, Bitcoin, Ethereum, and Solana witnessed rises of 1.60%, 0.35%, and -0.80%, respectively, in the same time frame.
Quant's Price Dynamics & Technical Insights
According to our analysis, Quant appeared bullish and was primed for an extended upward trend at the time of writing. With a recent reversal of its downward momentum, QNT surpassed an extended bearish descending trendline and then consolidated.
At the time of writing, QNT successfully broke through a robust horizontal resistance level at $80, paving the way for further future price gains.
Based on past patterns and the recent price dynamics:
- Should QNT manage to hold above the $80 price level, it could potentially skyrocket by 25% to reach $104 in the coming days.
- If the bullish momentum stays intact, QNT could surge another 18% until it hits $123.50.
At the time of writing, the Chaikin Money Flow (CMF) stood at 0.17, demonstrating a strong buying pressure in the asset, which is a favorable sign.
Mounting Interest & Investor Participation
Apart from the bullish price trends, on-chain analytics firms like IntoTheBlock and CoinGlass highlighted that QNT has caught the attention of investors and traders alike.
Of notable interest is the surge in the number of daily active addresses for the asset by 25.27%, pointing to growing investor interest and demand for the asset.
Concurrently, another crucial on-chain metric showed that traders were heavily positioned both at $78.90 (support) and $87.10 (resistance) levels. These positions, amounting to $258.71k in long positions and $197.13k in short positions, underscored the traders' bullish outlook.
Between these on-chain metrics and the technical analysis, it appears that the bulls are calling the shots, and they could drive QNT to even higher levels in the weeks ahead.
Reference(s):
[1] TradingView Platform[2] CoinGlass[3] IntoTheBlock[4] CoinMarketCap[5] Long Forecast
- Despite Bitcoin [BTC], Ethereum [ETH], and Solana [SOL] experiencing minimal growth, Quant [QNT] took center stage, evident in its significant 8.50% increase in the past 24 hours.
- The price hike of Quant [QNT] was accompanied by a substantial 115% surge in trading volume, implying a strong bullish direction.
- In sharp contrast to QNT's performance, Bitcoin [BTC], Ethereum [ETH], and Solana [SOL] exhibited increases of 1.60%, 0.35%, and -0.80%, respectively, in the same timeframe.
- Based on technical analysis, Quant [QNT] seems poised for an extended upward trend, having recently reversed its downward momentum and surpassing an extended bearish descending trendline.
- QNT breached a robust horizontal resistance level at $80, potentially paving the way for further price increases.
- With the Chaikin Money Flow [CMF] standing at 0.17, there is a strong buying pressure in the asset, indicating a favorable sign for investors.
- On-chain analytics firms like IntoTheBlock and CoinGlass have noted an uptick in investor interest and demand for Quant [QNT], as evidenced by a 25.27% increase in the number of daily active addresses.
- Trader interest is evident in the positions held at $78.90 (support) and $87.10 (resistance) levels, with long positions totaling $258.71k and short positions amounting to $197.13k, bolstering the bullish outlook.
