Quantum [QNT] Investors may need to think about this before going too far

warning: The results of the following analysis are the author’s opinions only and should not be considered investment advice.

  • Quantum swing above EMA bands showed a buying advantage, can buyers maintain this advantage?
  • Altcoin has noticed a significant drop in network growth.

Quantum [QNT] It accelerated from its bullish edge after the market-wide recovery in recent days. Continuing gains put the currency above its EMA range with support provided over the past month.

Here AMBCryptos Quantity price forecast [QNT] for the year 2023-24

If the recent reversal rally recovers from its immediate support, QNT could see a bullish recovery in the short term. At the time of writing, QNT is trading at $165.9.

QNT formed a bullish pattern near EMA range support

Source: TradingView, QNT / USDT

Since mid-June, QNT’s revival from its baseline of $44 has challenged a broader sell-off in the market as the altcoin has been steadily rising. Meanwhile, it identified the five-month trend line resistance (white, dashed).

After facing bottlenecks near the 200 EMA (green), the QNT bulls rushed out of the high liquidity range to find new highs. The recent reversal from trend line resistance confirmed the existence of a bullish flag-like structure on the daily charts.

A reasonable recovery from the $162 level could open a path for a breakout of the pattern. Any convincing close above the 20 EMA can provide good buying opportunities.

In this case, buyers need to look for a possible retest of the $190-$200 range before a possible recovery. An immediate break below the $162 support and the 50 exponential moving average could invalidate the bullish trend.

The Relative Strength Index (RSI) has fallen from overbought levels near its mid-line to show a neutral stance. Any recovery from this level may help the bullish trend in the upcoming sessions. However, Chaikin Money Flow (CMF) has yet to find a point above the zero line to confirm the bullish advantage.

The decline of social dominance and the growth of the network

Source: feeling

An analysis of Santiment data revealed a sharp increase in QNT’s social dominance and network growth from mid-September to mid-October. However, over the past few days, QNT has seen a sharp decline in both of the above metrics.

Although the price action seemed sensitive to them, the price did not go down much. Buyers should monitor these metrics to gauge the underlying sentiment towards the cryptocurrency. FFinally, tracking the movement of the King’s coin can help make a profitable bet.

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