The cryptocurrency market is experiencing a significant shift in sentiment as bullish waves emerge, following a recent period of downturn. Gradually, the bears are retreating and closing their short positions. Meanwhile, Quant Network’s native cryptocurrency, QNT, is making waves in the news as it records an impressive gain of nearly 20% within the past 24 hours, positioning itself as the top gainer of the day.
As of the present moment, the trading price of the Quant (QNT) token against USDT stands at $115.3, showcasing an impressive overnight gain of 20%. CoinMarketCap data reveals that bulls have been actively accumulating Quant tokens, as evidenced by a substantial surge in trading volume of over 350%, reaching a remarkable $66 million.
Quant Price: Approaching Bullish Hurdle
In the midst of a recent sell-off, the price of QNT tokens experienced a retest of the crucial support zone at $96. The subsequent recovery from this level has formed a double-bottom pattern, indicating a potential bullish trend. If this pattern continues to unfold, it could propel QNT token above the descending parallel channel, especially as bullish momentum builds and approaches the resistance trendline.
In a similar vein, the On Balance Volume (OBV) indicator is displaying a gradual ascent, indicating a positive accumulation of the Quant token. This upward trend in OBV further reinforces the notion of growing optimism and bullish sentiment surrounding QNT token.
As the significant gain continues, the $120 level emerges as the next crucial hurdle for the bullish momentum of the Quant token, and $130 after it. Currently, buyers are making efforts to maintain the token’s position above the 100-day simple moving average, in hopes of paving the way for further bullish rallies.
However, it’s worth noting that the 200- SMA still poses a challenge to overcome, which could potentially disrupt the ongoing recovery process.
The daily Relative Strength Index (RSI) has risen above the halfway mark (50) and is currently trending toward the positive region following a bullish crossover. This upward movement in the RSI suggests a bullish signal, indicating the potential for further gains in the Quant token, potentially breaking out of the bearish price channel.
Also read: Bitcoin Price Breaks $25K Barrier: Fed Influence at Play?
