Break Above Wedge Pattern in QNT Crypto, What’s Next For Traders?

• The Quant crypto is trading inside a small range.
• The QNT crypto has witnessed huge short liquidation in the last 24 hours.

Quant, founded by Gilbert Verdian and Dr. Paolo Tasca, is a cryptocurrency project launched in 2018. Its native token, QNT, powers the Overledger Network, connecting blockchains globally for decentralized application development. QNT serves as a means of exchange, governance, and security on the platform.

The spot trading volume of the QNT crypto has witnessed a decline of 7.8% in the last 24 hours followed by a decline of 3.5% in the market cap. It has resulted in a market cap of $1.211B followed by a volume/market cap ratio of 1.74%.

As per Coingecko, the market cap rank of the QNT token is #47. Also, the market cap dominance of the crypto is 0.095% followed by a fully diluted market cap of $1.492B. Further, the max supply of the crypto is 14.881M QNT.

QNT Crypto Token Contract Overview

Following the token transfer chart of the last year, the Quant token transfer has declined with time. Further ahead the transfer count has also reduced. This behavior shows the lack of interest of the community in Quant tokens.

QNT Crypto Technical Analysis

The QNT cryptocurrency, previously in a downtrend, has recently broken above a falling wedge pattern. This technical development suggests a potential reversal in market direction and the price might continue to advance to higher levels.

The QNT crypto price is consolidating at the multiple crucial EMA bands. This behavior of the crypto price represents total uncertainty in the price. It also is forming uncertain candlestick patterns, which makes a confusing scenario for the price. 

The MACD indicator further indicates a probability of change in trend to bearish as the signal line is declining from the higher level. The volume blocks of the indicator are also declining. It indicates that the preceding trend of the QNT crypto is declining.

Conclusion

Quant crypto price recently broke above a falling wedge pattern, signaling a potential market reversal. Despite a downtrend, the QNT price consolidates around crucial EMA bands, creating uncertainty. The MACD indicator suggests a possible bearish trend change. Until a breakout occurs, the price direction remains uncertain.

Technical Levels 

• Support levels– $75.30 and $82.90
• Resistance levels– $115.140 and $156.600

Disclaimer

The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.