On Saturday, Quant (QNT) price was pulled out of a seven-month-old falling wedge formation. As the re-testing phase continues on Monday, buyers will verify the legality of the hack.
QNT is the original cryptocurrency for the Quant Network, a blockchain platform that facilitates interoperability of blockchains.
Monday trading price for QNT is USD 75.71, down 10.2 percent over the past seven days, according to Coingecko statistics. Therefore, if the price stabilizes above $77.5, the altcoin may extend the current recovery.
The quantity (QNT) has increased significantly over the past week, which indicates that a bottom may be around the corner. The pace increased as buyers pushed the price above $67.
The moving averages have made a bullish confluence, and the RSI is in the positive territory, indicating a possible trend reversal.
The quantity of barrels exceeded the $75 barrier
Nearly two months later, the massive price increase has pushed QNT beyond the $67 threshold. When the QNT bulls made their way to the front, the price of the coin soared, crossing the $75 barrier.
If the bullish momentum continues this week, the next important price levels to watch are $89 and $100. Near $90, the upside is facing a huge hurdle.
Meanwhile, volumes have grown over the past several sessions, which has led to increased volatility. Therefore, investors should wait for the price to resolve before making transactions.
Sellers are trying to stop the upside at $90, but upward sloping moving averages and a strong RSI indicate that the bulls have the edge.
QNT total market cap at $911 million on the daily chart | Source: TradingView.com
QNT sees a short-term rise
If QNT price recovers from the 20 exponential moving average, buyers can push the price back to $90. A breakout and a close above this psychological barrier may signal a resumption of the uptrend in the short term.
In a bearish pattern, the QNT/USDT pair is displaying its continuous downtrend. For nearly seven months, the price of the coin has fallen within this pattern, preventing a major bullish comeback.
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In addition, the bullish cycle inside the pattern started on June 17, when QNT price rose from the support trendline at its lowest point. As a result, the bullish rally boosted the market cap to above $75.
Quantity reached a record high of $427 on September 11, 2021 – a far cry from its current price of $75.71. The token price reached an all-time low of $0.215 on August 23, 2018.
Quant’s recent price activity has resulted in the token’s market capitalization exceeding $1.8 billion. This year, QNT saw a change of -57.80 percent.
Featured image from Coinpedia, chart from TradingView.com