Quant (QNT) Price: Key Support Level to Boost Bullish Gains

The Bull Market has Retreated, but Key Support is Poised to Increase its Gains

The recent decline in Quant (QNT) has left many wondering what lies ahead for the future. QNT is currently trading at $75.36, down 1.88% in just 24 hours. Although the pullback may come as a surprise, it’s crucial to consider the technical aspects of the market before taking this step.

The Key Support Level: 20-day Simple Moving Average (SMA)

The 20-day SMA support at $75.1 is incredibly important for QNT, and we believe that using this level will help us rally for further gains. A break below this level could lead to a more significant correction.

Recent Price Action: Testing Resistance and Rejection

In recent weeks, QNT has tested the $85 resistance level, but failed to break above it, leading to the current retracement. This rejection at the resistance is causing a 5% decline in buying pressure, although the bulls are still dominant.

RSI and On-Chain Metrics: Neutral Territory and Positive Signs

By looking at an RSI of 58.36, it can be concluded that QN is in neutral territory. There is no indication that the token has gone beyond its initial value, leading to potential for additional gains. In terms of on-chain metrics, Quant’s net network growth has decreased by 0.25%. However, this sign doesn’t mean that whales are moving forward in large transactions; more importantly, there has been a 0.98% increase in overall sales. The “in the money” metric is also stable at 0.44%, suggesting that many investors are still profitable.

Concentration of Holdings and OI-Weighted Funding Rate: Bullish Signs

Another important indicator is the consistent concentration of holdings, which suggests that the distribution of QNT tokens is relatively evenly distributed, reducing the risk of a single entity manipulating the market. The OI-Weighted Funding Rate, calculated using longs and shorts premiums above 50, is 0.0098%. The bulls are still in control as long positions are priced at a slight premium, but this is not excessive.

Technical Analysis: Thin Air and Key Levels

Technically, QNT is trading within comparatively thin air, bounded by the upper Bollinger Band at $80.7 and the 20-day SMA support at $75.1, while they will continue to push for retracement above the latter.

Conclusion: Bullish Momentum Remains

In essence, although Quant (QNT) has dipped below its recent highs, the bull position remains dominant. If the 20-day SMA support remains strong, the token can continue to gain. Investors should pay attention to this point as a break below it could lead to broader corrections. The current situation suggests that there is still potential for bullish momentum with the RSI remaining in neutrality and the OI-Weighted Funding Rate being slightly higher for longs, which could result in further declines or even retracements.

Read more about Quant (QNT) price prediction and its potential to reach $100 on CoinSeeks.com, where you can find valuable insights and information related to the topic.