Even though it’s a relatively obscure cryptocurrency, QuantityQuant is still gaining, even though top coins such as Bitcoin are losing value. Quant’s price had dropped along with other crypto markets at the beginning of this year. But, the price of Quant has seen steady growth and currently trades at $157. This represents a 2488% rise from June 17, when it was $44.42 per annum.
Quant’s weekly and three-month charts have also been in the green. This weekly chart shows the coin is in an upward trend for the past 2 weeks. Although the coin experienced some volatility over time, it managed to keep its gains. This feat is impressive considering Bitcoin’s recent dump.
Quant Price Analysis
On Thursday Quant (QNT), prices rose for the second consecutive day, staying above the eight-month mark. On Sunday, QNT reached an all-time record high of $163.83. This is the first such event since February 8. Earlier on in today’s trading session, the QNT/USD pair reached a high of $157.80. This brought the coin’s price to within $6 of the all-time highs stated earlier.
QNT’s 14-day relative strength index (RSI) is at 70.19, which indicates that the stock is overbought after recent gains. This resistance level is 71.00. This resistance will be a barrier for quant bulls to push prices higher. The area also expects to experience increased uncertainty in prices as bears wait to get back into the market.Source: Chart of QNTUSD prices from TradingView.com
Quantity Can Breakthrough its $158 Price Resistance
Quant is having difficulty reaching its $158 per month barrier despite holding gains in Bitcoin and other top coins. The price action is slowing at this point, and declining volume suggests that the bullish momentum has waned. A price rebound is possible. Altcoin traded at $154.9 today after losing 1.23%.
Price chart for QNT/USD shows a bullish rise of high velocity from $86 up to $155. According to the price trend, there is a bottom-to-top rally that will be resisted by rising supply. But, determined buyers struggle to break through this barrier and continue their bullish efforts. Long-wicked rejection candles highlight the volatility of the cryptocurrency market.
Furthermore, the second breakout effort was met within one week with declining volume activity. This suggests that there is a high likelihood for a reverse. Since a major correction should be initiated by a bearish reversal, this monthly barrier is critical. The increase in supply will cause prices to fall below $150 and possibly even down to $132.
How Quantity Can Be Used to Your Advantage
Bullish reversal patterns should continue to support the Quant price’s upward trend. The pattern implies that buyers will be encouraged to bounce off the $158 barrier after a pullback. Bullish breakouts from the $158 threshold will allow traders to gain entry and release momentum. This could mean that the price of gold may rise to $186.
Featured image by Pixabay, chart from TradingView.com