Key takeaways
- Quant (QNT) continues to rise towards $80, supported by higher whale and retail demand.
- A break above the $80 resistance could pave the way for a potential rally towards $100.
Quant (QNT) extended recent gains towards the $80 mark on Thursday, testing a potential breakout from a long-term resistance trend line.
The cryptocurrency’s bullish technical outlook is supported by rising leveraged activity from large portfolio investors, or whales, with a daily close above $80 paving the way for a potential rally towards the $100 target.
Whale and retail demand fuels steady quant recovery
Quant’s steady short-term recovery is driven by growing demand from both retail investors and large portfolios.
CryptoQuant data reveals an increase in the average order size of orders executed in the leveraged market, indicating increased whale activity. In addition, the 90-day cumulative volume difference between buy and sell orders reflects a clear buy dominance, further supporting the bullish sentiment.
Coinglass data It shows that open interest (OI) for QNT futures has risen to $17.61 million, up significantly from $16.96 million on May 1.
This steady rebound in QNT futures is now approaching the peak of $38.27 million reached on September 21, indicating continued investor interest and positive market sentiment.
Technical Outlook: Will Quant Reach $100?
The QNT/USD 4-hour chart is bullish as Quant is up 7% in the past 24 hours. It is currently trading at $78, above the 200-day exponential moving average (EMA) near $77.52.
The Moving Average Convergence Divergence (MACD) histogram is positive, as the MACD line crosses above its signal and both move above zero, indicating strong upward momentum.
The Relative Strength Index (RSI) is hovering around 64, indicating strong upward momentum, although it is approaching overbought territory as the price approaches higher resistance levels.
If the rally continues, a decisive close above the downtrend line breakout level near $77.89 will confirm a breakout from the triangle pattern on the daily chart.
Such a breakout could pave the way for a rally towards the high of $88.30, followed by the 127.2% Fibonacci extension level at $101.14.
However, if the bears regain control of the market, they will face initial support at the 50-day EMA near $72.03.
A deeper pullback would target the 50% retracement level near $68.79, with further support at the former uptrend line area near $67.86 and the 38.2% retracement levels near $66.86.
