Required containers
- Quant (QNT) extends its rally to $80, supported by rising bullish and trading demand.
- A break above the $80 resistance would lead to a rise to $100.
Quant (QNT) extended its recent gains to $80 on Thursday, testing the end of a trend that has been resisting.
The cryptocurrency a bullish technical view is supported by the rise in reference to the use of the main wallet, or whales, and the day closes above $80 opening the way for a possible rally to the $100 target.
Whales and dealers need Quant oil to start their recovery
Quant’s sustained short-term recovery is driven by strong demand from retailers and wholesalers.
CryptoQuant’s data shows an increase in the number of orders being ordered in the add-on market, indicating an increase in whaling. Furthermore, the 90-day volume gap between buy and sell shows a clear correction, supporting the bullish sentiment.
CoinGlass data shows that QNT futures Open Interest (OI) has risen to $17.61 million, up from $16.96 million on May 1.
QNT futures’ slow recovery is now approaching the $38.27 million high reached on September 21, reflecting investor interest and positive market sentiment.
Technical view: Will Quant reach $100?
The QNT/USD 4-hour chart is bullish as the Quant has risen by 7% in the last 24 hours. It is currently trading at $78, above the 200-day Exponential Moving Average (EMA) near $77.52.
The Moving Average Convergence Divergence (MACD) histogram is positive, with the MACD line crossing above its mark and both moving above zero, indicating a strong bullish trend.
The Relative Strength Index (RSI) hovers around 64, indicating a strong bullish trend, even approaching the overbought zone as the price approaches strong resistance levels.
If the rally continues, a firm close above the lows near $77.89 would confirm a downward triangle pattern on the daily chart.
Such a breakout would pave the way to the $88.30 swing high, followed by the 127.2% Fibonacci retracement level at $101.14.
However, if the bears return to the market, it may encounter initial support at the 50-day EMA near $72.03.
A deeper pull would look at the 50% retracement level around $68.79, with further support found in the former rising area near $67.86 and the 38.2% retracement near $66.86.
