QNT marks positive move as major coin faces sell-off

The top 100 cryptocurrency Quant (QNT) on CoinMarketCap has shown positive moves over the past few weeks. This happens when major coins face a sell-off due to bearish market conditions.

The coin has remained in the green for 4 weeks, up more than 47.37% since the September 1st price of $95.1. The price action was driven by strong volume and trading activity. Although its market cap is still down 2.98%, QNT is doing well compared to other coins with similar market caps.

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Quant recovers nearly 50% from the market in 4 weeks

On September 13, global financial markets were turbulent. US Federal Reservee Publish inflation data. As the stock market crashed due to the correlation between the S&P 500 and Bitcoin, the cryptocurrency market crashed with it.

QNT fell along with the rest of the cryptocurrency market on September 13 and soon stopped its upward momentum. Uncertainty and distrust in the market has also made it difficult for bulls to boost Ethereum and Bitcoin prices. At the time, the price of QNT faced challenges when it broke above $112.12. This price acts as its resistance level for the next few days.

finally quantified broken It broke the $115 mark on September 24 and continued to climb. During this period, most coins in the market remained behind QNT. The coin is still in an uptrend and is trading at $132 at press time. It has gained more than 45.65% in the past four weeks.

The price of QNT is currently hovering above $132. | Source: QNTUSD price chart from TradingView.com

Chart illustrating the movement of Quant

A formatted inverted head and shoulders pattern appeared on the Quantitative 7-Month Price Chart. Such bullish reversals often occur near market bottoms. This marks a shift in market sentiment from selling on the up to buying on the down. Additionally, coin buyers recently broke the pattern resistance of the neckline. This creates an opportunity for token holders to recoup their investment.

Quant price made a huge breakthrough From the resistance trend line at $121 on September 27. This happened despite the ongoing uncertainty in the cryptocurrency market. Altcoin buyers attempted to hold the price above the breakout trendline and the $131 mark for the next two days.

Furthermore, the lower price resistance contained in these retest candles suggests that buyers have sufficient support at this level. As a result, reversal support reinforced yesterday’s 8.5% gain, confirming a breakout of the chart pattern.

Chart trends give traders hope of new highs

At the time of writing, Quant is priced at $132. If people continue to buy, the price should rise to $155, which will be the next level of resistance.

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A possible breakout of this monthly resistance would give buyers more room to move. It will also make the ongoing recovery last longer. On the other hand, if the coin price turns down from the $155 mark, the bullish thesis will be overturned. It could even drop below $131.

Featured image from Pixabay and chart from TradingView.com

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