- On-chain metrics showed a 25.27% jump in the daily active addresses, indicating growing interest.
- Traders were over-leveraged at $78.90 on the lower side and $87.10 on the upper side.
On the 2nd of May, as most cryptocurrencies struggled to gain momentum, Quant [QNT] stole the spotlight by leading the market.
Not only has QNT outperformed major assets like Bitcoin [BTC], Ethereum [ETH], and Solana [SOL], but it has also paved the way to continue this upward momentum in the coming days.
QNT price momentum & market sentiment
At press time, QNT was trading near $82.30, having registered a price surge of over 8.50% in the past 24 hours.
During the same period, participation from traders and investors skyrocketed, leading to a 115% surge in the recorded trading volume.
The spike in trading volume, alongside rising prices, suggested strong bullish momentum and hinted at a genuine rally, indicating that the uptrend could be sustainable.
With its 8.50% upside move, QNT has left BTC, ETH, SOL, and others behind, as they recorded price surges of 1.60%, 0.35%, and -0.80%, respectively, during the same period.
Quant price action & technical analysis
According to AMBCrypto’s technical analysis, QNT appeared bullish and was poised for massive upside momentum at press time.
Source: Trading View
The asset recently reversed its downside momentum by breaching a prolonged bearish descending trendline, followed by a brief consolidation.
At press time, QNT successfully broke out of a strong horizontal resistance level at $80, paving the way for further upside momentum.
Based on the recent price action and historical patterns, if the asset holds above the $80 mark, there is a strong possibility it could initially soar by 25% to reach the $104 level in the coming days. ‘
If the upside momentum remains unchanged, QNT could further soar by 18% until it reaches the $123.50 level.
At press time, the token’s Chaikin Money Flow (CMF) was 0.17, indicating strong buying pressure in the asset, which is a bullish sign.
Surging activity
In addition to the bullish price action, on-chain analytics firm IntoTheBlock and CoinGlass revealed that trader and investor participation in the asset has skyrocketed.
Notably, there was a notable 25.27% jump in the daily active addresses for the asset, indicating growing interest and confidence from investors. It also reflected increased demand for the asset.
Meanwhile, another on-chain metric revealed that traders were currently over-leveraged at $78.90 on the lower side (support) and $87.10 on the upper side (resistance).
They have built $258.71k worth of long and $197.13k worth of short positions at these levels. These positions clearly indicate traders’ bullish outlook.
Source: CoinGlass
When combining these on-chain metrics with the technical analysis, it appears that bulls are dominating and could drive the asset to higher levels in the coming days.
Credit: Source link
