- Quant (QNT) has gained over 40% in the past week, currently trading at $91.34 with a market cap exceeding $1 billion amid the broader crypto rally following the U.S. election results.
- QNT is forming an ascending triangle pattern with a critical breakout level at $95.5, which could trigger a rally to $100-$108 in the short term if broken with strong volume.
- On the weekly chart, QNT has surged from the $60-$65 support zone and a breakout above $95.5 could target $140-$160, representing over 53% upside potential.
- Both hourly and weekly RSI indicators remain in neutral-to-bullish territory, suggesting room for further upward movement without entering overbought conditions.
Date: Tue, Nov 19, 2024, 03:46 PM GM
The cryptocurrency market has entered a bullish phase, with altcoins gaining significant momentum following a broader market rally that began on November 5, driven by the recent U.S. election results. Bitcoin (BTC) has reached a new all-time high of $93,434, fueling optimism across the market. Among the top-performing altcoins, Quant (QNT) has captured attention by posting over 40% gains in the past week, currently trading at $91.34 with a market capitalization surpassing $1 billion.
Key Breakout Ahead:
The ongoing rally in Quant (QNT) brings it closer to a critical resistance level, setting the stage for a potential breakout.
1H Chart Analysis
Quant’s hourly chart reveals an ascending triangle formation, a bullish continuation pattern, with a key breakout level at $95.5. The price is consolidating within this structure, forming higher lows and testing the upper resistance multiple times. A breakout above $95.5, accompanied by strong trading volume, could confirm the bullish sentiment and lead QNT toward its next target of $100–$108, as indicated by the measured move of the pattern.
The RSI (Relative Strength Index) on the 1-hour chart remains neutral-to-bullish, suggesting that there is room for the price to rally without entering overbought territory. Traders should watch for volume spikes during the test of $95.5 to validate a breakout.
1W Chart Analysis
On the weekly timeframe, QNT has surged from the $60–$65 support zone, which has historically been a strong demand area. The current rally has brought the price near the $95.5 breakout zone, a significant resistance level that has previously acted as a barrier to upward movement.
If QNT successfully breaks above $95.5 on the weekly chart, it could trigger a broader rally targeting the $140–$160 range. This move would represent a potential upside of over 53%. The weekly RSI has shifted into bullish territory, further strengthening the case for a sustained rally if the resistance is breached.
Is A Rally On Horizon?
With $95.5 as the pivotal breakout level across both the hourly and weekly charts, Quant (QNT) is showing strong signs of bullish momentum. A decisive move above this level could unlock significant upside potential, targeting the $100–$108 range in the short term and $140–$160 in the longer term. However, failure to break this resistance could result in temporary consolidation or a pullback to the support zones.
As always, traders should remain cautious and monitor market conditions closely, as unexpected changes in sentiment or macroeconomic factors could influence QNT’s price action.
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