Disclaimer: The results of the following analysis are the author’s sole opinion and should not be considered investment advice.
- Quant’s swing on its EMA ribbon shows a buying advantage, can buyers maintain that edge?
- Altcoins noticed a sharp drop in network growth.
quantify [QNT] Accelerating its bullish advantage following a market-wide recovery over the past few days. The continued uptick has put the coin well above its EMA ribbon, while they have provided support over the past month.
Here is the AMB Cryptocurrency Price Prediction for Quant [QNT] 2023-24
If the recent reversal rally bounces off its immediate support, QNT could see a near-term bullish recovery. At press time, QNT was trading at $165.9.
QNT forming bullish pattern near EMA band support
Source: TradingView, QNT/USDT
Since mid-June, QNT has recovered from its $44 baseline as the altcoin has continued to grow, challenging the market’s broader sell-off bias. At the same time, it draws a five-month trendline resistance (white, dotted).
After facing a bottleneck near the 200 EMA (green), QNT bulls have pulled a rally outside its high liquidity range in search of new highs. The latest reversal in trendline resistance confirms a bullish pennant-like structure on the daily chart.
A plausible bounce from the $162 mark could open the way for a pattern breakout. Any convincing close above the 20 EMA could provide a good buying opportunity.
In this case, buyers must look for a potential retest of the $190-200 range ahead of a possible recovery. An immediate break below the $162 support and the 50 EMA could invalidate the bullish trend.
The relative strength index (RSI) fell from overbought levels to stay near the midline to paint a neutral position. Any recovery from this level could aid bullish efforts in the coming sessions. Nonetheless, the Chaikin Money Flow (CMF) has yet to find a point above the zero mark to confirm bullish dominance.
The decline of social dominance and online growth
Source: Santiment
An analysis of Santiment data shows a strong surge in QNT’s social dominance and network growth from mid-September to mid-October. However, over the past few days, both of the aforementioned metrics for QNT have seen sharp declines.
While price action seems sensitive to them, prices haven’t fallen that much. Buyers should pay close attention to these metrics to gauge underlying sentiment towards crypto. Finally, keeping a close eye on the movement of the king coin facilitates profitable staking.
Source of information: Compiled from AMBCRYPTO by 0x Information.The copyright belongs to the author and may not be reproduced without permission