Quant's Triangle Breakout: 77% Rally Ahead for QNT?

Quant's Triangle Breakout: A 77% Rally for QNT?

Quant [QNT] has been on an upward trajectory, gaining 8.15% over the past week and showing a 0.58% increase in the last 24 hours. This positive trend is supported by its current technical pattern and increased buying activity from market participants.

On the daily chart, QNT has been trading within a bullish triangle pattern, with prices oscillating between defined support and resistance levels. Recently, QNT breached this pattern, potentially triggering a stop hunt. A stop hunt occurs when the price abruptly breaks through support or resistance, liquidating orders in the market before rallying in the initial market direction. In this case, QNT's breach of the support level allowed smart investors to accumulate more QNT at a cheaper price, setting the stage for a potential upward trend.

However, QNT's potential for a major move is contingent on the asset reclaiming support at $96.9. If it does, returning into the bullish pattern, then QNT could likely breach the pattern upward, establishing a new high of $171.7—a 77.45% market rally.

There's been a surge in the number of activities among market participants trading QNT, with a 2.02% increase in active addresses over the past seven days. These addresses have contributed to approximately $280,000 QNT purchased in the past 48 hours. According to the current exchange netflow, which turned negative, $262,320 was purchased in the past day, with an additional $18,110 worth of the asset purchased at press time. If the purchase keeps growing, it presents a decent chance for QNT to reclaim the support level and make a major move upward.

After a slight decline in activity, interest among large holders of QNT has moved to the upside. From its low the previous day, a total of $1.29 million in QNT was traded in the market, indicating increased interest among large holders. This interest could benefit the asset price, which has seen an upward climb in the past 24 hours.