Cryptocurrency enthusiasts have turned their attention to Quant (QNT) as the altcoin shows notable gains, leaving both investors and analysts optimistic. In this in-depth analysis, we’ll explore the reasons behind QNT’s recent price surge, discuss key technical indicators, and what this means for long-term holders.
Quant Gains 8% with Key Technical Breakouts
Quant’s [QNT] recent surge of nearly 8% marks a pivotal moment for the altcoin. After filling a market imbalance at $78 just five days ago, QNT has now broken out of a bullish pennant consolidation pattern, reinforcing strong upside potential.
At the time of writing, QNT is trading above its 20-day and 50-day exponential moving averages (EMAs). This decisive breakout indicates a short-term bullish trend. If QNT prices hold steady above these levels, these EMAs could serve as new support for future price rallies.
On-Chain Metrics Indicate Strength
Quant’s network activity has seen a substantial increase, with daily transaction volume exceeding 60,000 transactions in the last 24 hours, according to Santiment data. Historically, rising transaction volumes have aligned with early-stage bullish trends, signaling increased network engagement and improved market sentiment.
Additionally, there has been a significant drop in the number of QNT token withdrawals to exchanges. With only 24 on-exchange transactions recorded, this represents the lowest activity level ever. Reduced withdrawals often point to lower selling pressure, an encouraging sign for investors.
Why Long-Term Holders Remain Confident
Long-term holders of QNT seem optimistic about the token’s future. Many elite investors and traders are reinvesting their profits rather than liquidating them, showcasing confidence in the altcoin’s potential for further growth.
Bolstered by a strengthening market sentiment, increased transaction activity, and positive technical indicators, QNT appears primed for continued bullish momentum.
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Conclusion
Quant’s strong technical performance, reduced selling pressure, and increased network activity all signal a bright future for the altcoin. With long-term holder sentiment remaining positive, bullish opportunities may lie ahead. As market dynamics continue to unfold, keeping an eye on key indicators like EMAs and transaction volumes can provide invaluable insights for crypto investors.
