Quant (QNT) is showing signs of moving upwards after overcoming an important level of resistance. The recent breakout also shows the potential to move to even higher levels if important levels are overcome. Experts think that if this breakout continues, QNT may have a target price much higher in the coming days.
At the time of writing, QNT is trading at $81.35, posting a 0.6% gain over the last 24 hours. The token recorded a 24-hour trading volume of $56.71 million, while its total market value stands near $1.01 billion.
Quant Breaks Resistance Signals Rally
This recent price increase comes as the technical charts are starting to look better. World Of Charts, a well-known analyst, has pointed out that Quant has broken above a key area of resistance on the chart, an important horizontal zone that the token had been unable to surpass for a number of weeks.
The analyst explained that if QNT can hold above this point, then the price could rise towards a major descending trend line. A break past this point would then pave the way for a significant rise. Taking into account the current scenario, the analyst feels that QNT could rise towards the $150 mark in the coming days.
From a technical perspective, a hold above the recent breakout point would be key. A pullback that stays above previous levels of resistance could help advance further, but a move below could temporarily forestall the upside plan.
In conclusion, the current price action on Quant has again drawn interest to the asset since there are indications that a bigger move could be on the way, depending on the levels that are broken in the short term.
Also Read | Litecoin (LTC) Slips After Bearish Weekly Close as $71.40 Resistance Caps Recovery
QNT Weekly Momentum Remains Weak
The RSI is at 46.90 and below the midpoint of 50, indicating a weak trend and not oversold yet. The current market price is at $82.49 and is well below the MA ribbon, putting additional pressure on the trend. The moving averages remain as a strong resistance level with SMA 20 at 85.77, SMA 50 at 92.15, SMA 100 at 91.76, and SMA 200 at 100.70.
The MACD pattern is still bearish since the MACD is at -0.43 and the signal line is close to -5.41. The histogram is still below zero at -4.98, indicating that the bearish momentum is still present. Although the histogram is decreasing, it shows that the pressure is decreasing, though a bullish crossover is yet to be seen.
Also Read | Binance Turbocharges USD Transactions: Slashes SWIFT Withdrawal Fee to $25
