Quant: QNT exit from the support to grow 23%, but it can to continue to be not?
Quantum cryptocurrency QNT entered the top trending list this weekend, accompanied by strong price action. It achieved 23% of the midweek rally, but could there be more to this performance or will it be relegated to a weekend bomb?
Why does QNT had grown?
QNT has shown bullish strength for most of September, especially after breaking above its 200-day moving average. Its $96-$97 price range serves as the new floor, and that has been the case in recent days.
Furthermore, QNT started last week on a bearish trajectory, but the bulls took over midweek. This resulted in a 23% increase.
Alternatively, the activity could also be affected by strong buying pressure inside the ascending support line. What follows is part of the ascending range of the prevailing cryptocurrency over the past three months.
Pop-up support suggests that QNT may have started its next bull run. However, many observations suggest that the positive side will face many contradictions. QNT hit as high as $124 after a strong rally over the past 24 hours at press time. It also saw a sharp pullback at $115 by press time. This confirms that there was strong profit-taking activity in the session.
Prepare for QNT short-term selling pressure
QNT's 90-day idle traffic has seen a noticeable increase in the past few hours. Confirmation that a significant amount of the former HODLed cryptocurrency has been moved for at least three months.
Similarly, QNT consumption by age has increased sharply in the last 24 hours. As many as 9.16 million coins have changed direction in the last few hours. These figures do not indicate whether the volume of QNT traded will support an extended rally or create selling pressure. Fortunately, exchange streams can provide more clarity.
Outflow from QNT exchange has increased sharply in the last 24 hours and supports the uptrend. A sharp increase in foreign exchange inflows followed, perhaps contributing to the drop in prices.
Furthermore, the supply of QNT held by major addresses decreased significantly during the week. This acts as a confirmation that the whale may have made some profit as the price rose. These comments further confirm that QNT will definitely face a lot of selling pressure on the way up. Sufficient selling pressure will trigger a pullback.
QNT could maintain its upward momentum if investors show a significant buyback incentive. For example, if the rest of the market tries to recover as the new week rolls around, then QNT investors can join the trend. Such an outcome would support a higher short-term advantage.
Meanwhile, QNT's long-term outlook looks quite promising thanks to the Overledger solution. Its focus on the business world could contribute to a strong future demand for cryptocurrencies.
Sep 25, 2022