Quant Targets $135 – $140 as Bullish Momentum Increases: Is It Possible?
Quant (QNT) has recently made significant strides in the market, breaking through a resistance level and experiencing a notable surge of 15.29%. This increase has led traders to set their sights on a price target between $135 and $140. Meanwhile, the Open Interest—the total number of outstanding contracts—has risen by nearly 24%, reaching $13.47 million. This jump indicates a strong sense of confidence and positive momentum among traders.
As of now, QNT is trading at approximately $106.15, which reflects a daily increase of 15.29% and a week-long growth of 10.65%. With a total circulating supply of 15 million QNT tokens, the market capitalization currently stands at $1.5 billion.
The price chart for QNT reveals an important breakout from a downward trend that has been ongoing since December 2023. This breakout suggests a shift in market sentiment, with buyers pushing the price toward higher resistance levels. The next key resistance zone for QNT is identified between $135 and $140, which holds historical significance. If the buying momentum continues strong, it’s possible that QNT could approach this target in the near future.
However, if QNT struggles to maintain its position above the breakout zone, the previous resistance level of $95 to $100 may provide necessary support. Holding above this level would validate the breakout, while falling below could lead to further market consolidation.
Technical indicators are showing that the bullish momentum for QNT is gaining strength. The Relative Strength Index (RSI) is currently at 59.68, nearing the point of being overbought but still having room to grow. If the RSI crosses above 70, it could indicate potential resistance, possibly causing a short-term pullback in price. On the other hand, the Moving Average Convergence Divergence (MACD) has also shown a bullish sign, as the MACD line has crossed above the signal line, suggesting increasing buying pressure.
In terms of trading activity, data from Coinglass shows that Open Interest for QNT has surged significantly, which usually leads to higher price volatility. Historically, spikes in Open Interest over $30 million have been observed in December and April, often resulting in notable price movements. If this trend continues, QNT is likely to experience more price activity and may test higher resistance levels.
On another note, the spot market reflecting a net inflow of $2.35 million also indicates a strong movement of assets into exchanges on February 26. This influx might suggest potential selling pressure, as traders could be preparing to sell their holdings. Still, if the market demand can keep pace with the inflow, QNT may continue its positive momentum and advance further in price.
As for whether QNT can sustain its bullish run, there are indicators that point toward further gains. With rising Open Interest, increasing trading volume, and positive technical signals, QNT seems well-positioned for additional upward movement. Traders will be closely observing trends in volume, RSI levels, and overall price action to determine if QNT can maintain its ascent or if it may enter a phase of consolidation in the near future.
