Quant (QNT), a top 100 cryptocurrency on CoinMarketCap, has been performing positively over the past few weeks. This comes when major coins face dumps due to bearish market conditions.
The token has stayed green for 4 weeks and has gained over 47.37% since its price of $95.1 on September 1st. The price action was driven by strong volume and trading activity. Although its market cap is still down 2.98%, QNT has performed well against other coins with similar market caps.
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Quant takes almost 50% off the market in 4 weeks
Global financial markets were shaken on September 13th US Federal ReserveThe published inflation numbers. The stock market crashed, taking the cryptocurrency market with it because of the correlation between the S&P 500 index and Bitcoin.
QNT fell along with the rest of the crypto market on September 13th, shortly halting its bullish momentum. Market uncertainty and distrust also made it difficult for bulls to boost Ethereum and Bitcoin prices. At that time, QNT’s price was having a challenging time as it surpassed $112.12. This price acted as its resistance level for the next few days.
Quant finally broke through $115 on September 24 and continued to climb higher. During this time, the majority of coins on the market still lagged behind QNT. The token is still in an uptrend, trading at $132 at press time. It has gained over 45.65% over the past four weeks.
The price of QNT is currently hovering above $132. | Source: TradingView.com QNTUSD price chart
What the charts are saying about quant movement
A formatted inverse head and shoulders pattern appeared on Quant’s seven-month price chart. This bullish reversal is commonly seen near market bottoms. It signals a shift in market sentiment from selling on the ups to buying on the downs. Additionally, coin buyers recently broke the pattern’s resistance at the neckline. This creates an opportunity for coin holders to recoup their investments.
Quant price made a huge break from its $121 resistance trendline on September 27th. This is despite the ongoing uncertainty in the cryptocurrency market. Altcoin buyers spent the next two days keeping prices above the broken trendline and the $131 level.
Also, the lower price resistance contained within these retest candles suggests that buyers have decent support at this level. As a result, the inverted support amplified yesterday’s 8.5% rise, confirming the chart pattern break.
The chart trend gives traders hope for a new high
Quant is priced at $132 at the time of writing. If people keep buying, the price should rally to $155, which will be the next level of resistance.
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A possible break of this monthly resistance will give buyers more room to move. It will also cause the ongoing recovery to take longer. On the other hand, if the coin price fell from the $155 level, the bullish thesis would be invalidated. It could even drop below $131.
Featured image from Pixabay and chart from TradingView.com
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