- QNT’s sway beyond its EMAs incorporates a ‘buy’ edge; can buyers sustain the narrative?
- The alt saw a significant decline in network growth.
Quant (QNT) heightened its bullish superiority following the broad market revival over the past few days. The upside placed the alternative token well beyond its EMA ribbons as it provided support within the previous month. QNT might experience a short-term bullish reversal if the latest revival moves rebound from the closest support. While writing these lines, QNT changed hands at $165.9.
QNT Formed Bullish Pattern Around EMA Ribbons
QNT’s recovery from the baseline at $44 since mid-June saw the alt defying the broad market’s selling tendencies, with the alt growing steadily. Meanwhile, Quant printed a 5-month trend-line resistance. The bulls initiated an upside past the high liquidity range to secure new highs after the altcoin encountered bottlenecks around the 200 Exponential Moving Average.
The recent revival from the trend-line resistance welcomed a bullish pennant on the 24-hour charts. A decisive rebound from $162 might open the gates for patterned breakouts. Any closing beyond the 20 Exponential Moving Average can present lucrative buying opportunities.
n such scenarios, QNT buyers should watch for a possible $190 – $200 range retest before a revival. Immediate declines beneath the support at $162 and the 50 Exponential Moving Average might cancel the bullish bias.
The RSI (Relative Strength Index) plunge from the overbought regions rested around the mid-line, displaying a neutral state. A revival from this mark might support bullish endeavors in the upcoming sessions. Nevertheless, the CMF (Chaikin Money Flow) hadn’t secured a position beyond the zero level to confirm bullish superiority.
Plunge in Network Growth & Social Dominance
Santiment indicated a massive increase in Quant’s network growth and social dominance between mid-September and mid-October. Nevertheless, the alt witnessed a significant decline in these metrics within the past few days.
Though the price action appeared sensitive to the metrics, QNT’s price didn’t crash as much. Nevertheless, buyers should watch the indexes to measure the underlying sentiment for the alt. lastly, watching Bitcoin’s tendencies can help to place profitable bets.
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