Quant open interest hits 8-month high as QNT targets THIS level

Quant’s open interest has surged to its highest level in eight months.
As more bullish signs around QNT emerge, the altcoin could rally to the 1.618 Fib level.

As a seasoned analyst with over a decade of experience in the crypto market, I find myself increasingly intrigued by Quant [QNT]. The recent surge in open interest to its highest level in eight months and the 15% plus gains over the past 24 hours are undeniably bullish indicators.

Currently, Quant (QNT) is priced at $114 following impressive performance compared to other altcoins, which saw gains exceeding 15% over the past 24 hours. This stellar growth has sparked a significant increase in trading volume, with CoinMarketCap reporting a jump of around 130%. The heightened interest in QNT is evident from these statistics.

Quant’s upward trend might persist given several positive indicators. For instance, the Chaikin Money Flow (CMF) currently stands at 0.18, suggesting a significant influx of buying activity. Additionally, the CMF is pointing upwards, signaling an increase in the number of buyers entering the market.

Simultaneously, the Moving Average Convergence Divergence (MACD) indicates a bullish trend, with the MACD line steadily rising since mid-November and consistently staying above the signal line as the price increases.

If the Moving Average Convergence Divergence (MACD) line persists in its upward trajectory and the MACD histogram bars consistently stay above the signal line, Quantum Corp’s (QNT) stock may continue to rise. It is advisable for traders to keep an eye out for signs of a rally exhaustion if the MACD line generates a sell signal by dropping below the signal line.

If purchasing activity persists and the upward trend endures, Quant (QNT) might surge by approximately 27%, potentially reaching a new high of around $142 at the 161.8% Fibonacci extension level.

Open interest reaches 8-month high

In addition to technical indicators, the hustle in the futures market reinforces the optimistic argument, as Quant’s open interest (OI) stood at $22 million at that moment, which is its peak since April.

Based on historical patterns, Quant’s Open Interest (OI) typically rises when the price goes up. This means that as more traders decide to enter new positions with QNT, there might be a surge in its price movement. However, it’s essential to keep an eye on this indicator since a decrease could signal that QNT may have reached a short-term peak.

Since mid-November, Quant’s funding rates have consistently been favorable, indicating that long-term traders could be the driving force behind the escalating Open Interest (OI).

Quant’s exchange netflows show THIS

It appears that the outflow of QNT tokens from exchanges totaling approximately $1.8 million over the weekend has not yet triggered a significant reversal in Quant’s upward trend, as the profit-taking activity remains relatively low.

According to data from CryptoQuant, it seems that over the past three days, there’s been a trend of more QNT holders taking their funds out of exchanges compared to those depositing.

As an analyst, I find it encouraging that the selling pressure appears to be easing on the QNT token. This might indicate that traders are expecting further growth for this altcoin, even amidst increased profitability.

Read Quant’s [QNT] Price Prediction 2024–2025

According to IntoTheBlock, the proportion of QNT wallets reporting a profit has significantly risen from 4.96% to approximately 26% over the past month.

The optimistic indicators are enhancing the general outlook towards QNT, as Market Prophit indicates a bullish attitude among both ordinary investors and financial experts regarding this cryptocurrency.

2024-12-02 18:15

Open interest reaches 8-month high

Quant’s exchange netflows show THIS

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