QNT Rallies 32%: Could This Be the Start of a Massive Bull Run?
Table of Content
- Overview of QNT’s Recent Price Surge
- Key Metrics Driving the Surge
- Bullish Reversal: What Happens if $103.20 is Breached
- Key Factors to Watch Moving Forward
Quant (QNT) has captured the crypto market’s attention with an impressive 32% price surge in the past 24 hours, pushing its value to $88.50 at the time of writing.
This sharp rally was accompanied by a staggering 523% spike in trading volume, boosting its market capitalization beyond $1.01 billion. As crypto markets showed mixed signals, QNT’s price action stood out with its strong upward momentum.
The question now is whether this breakout signals the start of a prolonged bull run.
QNT’s breakout from a long-standing descending wedge pattern indicates a potential shift in market sentiment.
Historically, such breakouts have often indicated the beginning of a bullish trends, and QNT appeared to be aligning with that pattern. However, a significant resistance level at $103.20 loomed out.
A successful breakout about this level could trigger heightened buying momentum, whereas a rejection might result in a pull back, lead to a retest of lower support levels near $70.
Additionally, the moving average (MA) cross at $69.50 and $63.80 reinforced the bullish momentum, as the shorter-term 9-day MA crossing above the longer longer-term MA (21-day) a classic indicator of a potential uptrend.
Quant’s breakout from its descending wedge, accompanied with a 28% price surge and a remarkable 523% spike in trading volume, highlighted robust bullish momentum.
However, the resistance at $103.20 remains a critical barrier. A breakout above this level in the coming days could confirm a broader bullish reversal and potentially spark further gains.
