In the past few weeks, Quant (QNT), one of the top 100 cryptocurrency listed on CoinMarketCap has shown positive movements. These are coming at a time when bearish market conditions mean major coins will be dumping.
Over 4 weeks the token has held steady at green, increasing by 47.37% over its September 1st price of $95.1. Trade volume and strong volume have driven price movements. QNT’s market cap is still at 2.98%. However, QNT performed better than other coins of similar market capital.
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Within 4 weeks, Quantity Takes Back Nearly Half of The Market
The world’s financial markets were rocked on September 13 as the U.S. Federal ReservInflation figures have been released. The stock market crashed, taking the cryptocurrency market with it because of the correlation between the S&P 500 index and Bitcoin.
QNT, along with other crypto markets on September 13, fell quickly and halted its rapid upward trend. It was difficult for bulls in the crypto market to increase Bitcoin and Ethereum’s prices because of mistrust and market uncertainty. QNT’s price was struggling to move beyond $112.12. For the following days, this price was its resistance.
Quant finally crossed the $115 threshold on September 24th, and then continued to climb higher. QNT was the most popular coin on the exchange. As of press time, the token trades at $132. In the last four weeks, it has gained more than 45.65%.Source: Chart of QNTUSD prices from TradingView.com
What The Charts Say About Quant’s Movement
Quant’s seven-month chart showed an inverted head-and shoulders structure. The bullish reversal can often be seen close to market bottoms. It indicates a change in market sentiment, from selling on rising prices to buying on falling prices. In addition, coin purchasers have lately broken through the pattern’s resistance at the neckline. Coin holders have the chance to recover their capital.
Quant saw a dramatic rise from the resistance trendline that was $121 at September 27th. It did this despite continued uncertainty in the cryptocurrency markets. Altcoin traders spent two more days trying to maintain prices at the $131 mark and above the trendline.
These retest candles also show that the price resistance is lower than usual, which suggests buyers have adequate support. As a result, the reversed support reinforced yesterday’s 8.5% rise, providing confirmation of the chart pattern breakthrough.
Chart Trend gives traders hope for a new high
Quant’s price is currently at $132. People can keep buying Quant, which should push the price up to $132.
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Buyers will have more freedom to move if there is a breakthrough in the monthly resistance. It’ll also make the ongoing recovery last longer. The bullish thesis, on the other side, would be proved false if it fell below $155. The price could even drop below $131
Featured image by Pixabay, chart from TradingView.com