The on-chain metrics show that the number of daily active addresses has increased by 25.27%, indicating growing interest.
Traders have been leveraged at $78.90 on the downside and $87.10 on the upside.
On May 2, while most other cryptocurrencies struggled to regain upward momentum, Quant [QNT] led the market.
QNT not only outperforms major assets like Bitcoin [BTC], Ethereum [ETH], and Solana [SOL] but also paves the way for continued upward trends in the coming days.
QNT price trend & market sentiment
Currently, QNT is trading around $82.30, having recorded a price increase of over 8.50% in the past 24 hours.
During the same period, the participation of traders and investors surged, leading to a 115% increase in trading volume.
The increase in trading volume and prices indicates a strong bullish trend and suggests a sustainable price rally.
With an increase of 8.50%, QNT has outperformed BTC, ETH, SOL, and other coins, which saw increases of 1.60%, 0.35%, and -0.80% in the same period.
Price action & technical analysis of Quant
According to analysis from TinTucBitcoin, QNT shows bullish signs and has the potential for strong upward momentum at this time.
Source: Trading View
The asset has recently reversed its downtrend by surpassing a prolonged declining resistance level, followed by a brief consolidation phase.
Currently, QNT has broken through a strong horizontal resistance level at $80, paving the way for continued upward momentum.
Based on recent price action and historical patterns, if the asset holds above $80, it has a strong potential to rise 25% to reach $104 in the coming days.
If the upward momentum continues unabated, QNT could rise an additional 18% to reach $123.50.
Currently, the Chaikin Money Flow (CMF) indicator of the Token is at 0.17, indicating strong buying pressure, which is a bullish sign.
Explosive activity
In addition to the rising price action, on-chain analytics firms like IntoTheBlock and CoinGlass have revealed that the participation of traders and investors in this asset has significantly increased.
Notably, there has been a significant increase of 25.27% in the daily active addresses of this asset, indicating growing interest and trust from investors. This also reflects an increasing demand for the asset.
Meanwhile, another on-chain metric shows that traders are currently leveraged at $78.90 on the downside (support) and $87.10 on the upside (resistance).
They have built long positions worth $258.71K and short positions worth $197.13K at these levels. These positions clearly indicate a bullish outlook from traders.
Source: CoinGlass
When combining these on-chain indicators with technical analysis, it appears that buyers are in control and could push this asset to higher levels in the coming days.
Source: https://tintucbitcoin.com/quant-vuon-len-manh-me-tang-850-qnt-can-moc-104-usd/
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