- The double-bottom formation signals a potential bullish reversal for Quant.
- Rising network activity and reduced exchange reserves reinforce optimism for QNT’s price recovery.
Quant (QNT) appears to be exhibiting positive indications of recuperation, as its price remains stable around crucial support points, even amid a temporary slowdown in upward momentum.
As of now, Quant (QNT) is being exchanged for $104.17, representing a decrease of 1.05% over the past day. This cryptocurrency appears to be developing a double-bottom pattern around $102, which suggests an upcoming surge in bullish activity.
Nevertheless, the main hurdle is surpassing the $121.44 barrier to establish a strong upward trend.
Price movement and double-bottom formation
The graphs show a potentially strong double-bottom structure around $102, hinting at possible bullish energy. Typically, such a pattern indicates a shift from a negative trend, and it appears that Quant may be moving along this predicted path.
Overcoming the $121.44 barrier would signal a reversal, paving the way for potential advancement towards the subsequent major resistance point at $145.12.
As a researcher observing the token market, I’ve noticed that not maintaining the $102 level might cause an extended period of consolidation, thereby pushing back any significant price fluctuations in the short term. Therefore, the $102 support area is pivotal for the token’s immediate future trajectory.
The Parabolic SAR (Stop and Reverse) has started appearing beneath the candles, indicating a strengthening uptrend. This technical indicator suggests a possibility of additional price rises, especially if Quantstamp (QNT) manages to overcome its resistance thresholds.
Furthermore, currently, the Relative Strength Index (RSI) is showing a value of 46.94, indicating relatively low buying activity. Yet, this situation presents an opportunity for increase, as moving above the 50 mark would suggest a rise in buyer optimism.
Together, these indicators suggest a bullish trend is developing.
Network activity on the rise
User engagement and involvement were on the rise, as indicated by a surge in network activity over the last week. The number of active addresses has increased by approximately 38.28% during this period, and new users joining the platform have grown by around 29.50%.
This rise suggests a higher level of interaction from both fresh and returning users, frequently leading to more robust market behavior. In turn, this expanding involvement bolsters confidence in Quantstamp’s short-term prospects.
Diminishing selling pressure for Quant
Over the last seven days, there was a significant increase of 43.33% in the number of outflow transactions, suggesting a decrease in selling actions and an uptick in the process of amassing.
Investors are more frequently opting to keep QNT instead of selling it, which mirrors this trend. This pattern typically signals an upcoming surge in buying activity, as the desire for the asset exceeds its availability within the market.
Exchange reserve analysis
Over the past day, the reserve of QNT on exchanges dropped by 0.24%, reaching approximately 1.39 million QNT. This decrease indicates that more investors are taking their tokens out of exchange platforms to hold onto them for longer periods.
Consequently, the decline in QNT’s reserves suggests optimism about its future growth prospects. Furthermore, lessened reserves tend to mean decreased selling pressure, lending support to the bullish argument.
Read Quant’s [QNT] Price Prediction 2024–2025
Quant (QNT) appears to be indicating positive trends towards a potential bullish surge. This optimism is backed by a double-bottom pattern, increasing transaction addresses, and decreasing exchange holdings. If QNT manages to surpass the price level of $121.44, it may aim for $145.12 and potentially beyond.
On the other hand, continued growth relies on keeping user involvement high and breaking through resistance points.
While QNT’s future looks optimistic, the coming days will be crucial in determining its direction.
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2025-01-09 15:04