Although crypto markets fell on Wednesday, quant rose to six-month highs earlier in the day. Today’s move came as the token broke out of a key resistance level, en route to its strongest point since March. Cosmos dropped again for its second session, also a notable mover.
Quant (QNT) reached a six month high Wednesday, even though crypto markets are mostly in the red.
After a Tuesday low of $122.08, QNT/USD rose to an all-time high of $143.26 on Tuesday.
This was as the price of oil surged above $133.00 and reached their highest level since March 29, 2009.
We saw bears return to the market shortly after the breakout. This was likely due to uncertainty caused by bulls in the past who chose not close their positions.
Quant is trading at the resistance level as of this writing. The 14-day relative weakness index (RSI), however, has also reached a ceiling.
The current index reading is 70.47. If bulls want price to rise, they will need to remove the ceiling of 71.00 from the RSI.
The other end of the spectrum saw cosmos (ATOM) fall by up to 10%.
ATOM/USD slipped to a low of $12.69 earlier in today’s session, breaking out of a key support point of $13.40 in the process.
Cosmos fell to the lowest level since September 8, when it rallied from $11.55 support.
Looking at the chart, today’s drop comes as the 10-day (red) moving average had a downwards cross versus its 25-day (blue) counterpart.
If this bearish momentum continues, ATOM could be on a collision course and hit a $11.55 floor.
Bulls have a positive in the form the 14-day RSI. It seems to have reached a ceiling of 44.95. This could temporarily stop the bleeding.
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