Despite being a lesser-known cryptocurrency, Quant has held gains while top coins, including Bitcoin, have fallen in value. The price of Quant had fallen along with the rest of the crypto market at the start of the year. However, it has slowly experienced growth since then, trading at $157 at press time. This is over 248% gain from its yearly low of $44.42 on June 17.
Quant’s weekly and three-month charts have also been in the green. Its weekly chart shows that the coin has been on an uptrend for the past two weeks. The coin has seen some volatility, but it has been able to hold onto its gains. This is quite impressive given the recent dump seen by other cryptocurrencies, including Bitcoin, the pioneer crypto.
Quant Price Analysis
Quant (QNT) prices continued to climb for a second day on Thursday, hovering above an eight-month high. The coin reached a new all-time high of $163.83 on Sunday, the first time this has happened 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 is just below a resistance level of 71.00. Quant bulls will need to break through this resistance to propel prices higher. This area is also expected to see heightened price uncertainty as bears wait for a chance to rejoin the market.
Quant’s price is currently trading above $157. | Source: QNTUSD price chart from TradingView.com
Can Quant Breakthrough Its $158 Price Resistance?
Despite holding gains when top coins like Bitcoin are dumping, Quant has experienced difficulty breaking through its $158 monthly barrier. Further, the price movement is stumbling at this level, with declining volume action suggesting the bullish momentum is depleted and a price reversal is imminent. The altcoin has lost 1.23% today, trading at $154.9.
The QNT/USD price chart shows a high-velocity bullish climb from $86 to $155. The price trend suggests a rounded bottom breakout rally against rising supply around $155. However, the determined buyers wobble at this barrier and reattempt a bullish breakthrough. The daily rejection candles with lengthy wicks highlight the continuous volatility in the cryptocurrency market.
Moreover, within a week, the second breakout effort has been met with diminishing volume activity. The action suggests a strong likelihood of a reversal. This monthly barrier is crucial since a bearish reversal should set off a large correction. Therefore, the growth in the supply entering the market will push prices lower than $150, maybe down to $132.
What To Expect From Quant
The bullish reversal pattern should keep the Quant price on an upward trajectory. Therefore, this pattern suggests that a rebound should encourage buyers to test the $158 barrier again after a pullback. A bullish breakthrough from the $158 barrier will release momentum and give traders an entry chance. Thus, the rise may continue to $186.
Featured image from Pixabay and chart from TradingView.com