The $114.4 hurdle could give QNT bears more clout.
A break above the 100-period EMA of $116.1 would invalidate the bias.
The supply of top addresses remained unchanged despite an increase in the number of whale transactions.
Quantities (QNT) price action has formed a pattern of double bottoms in recent weeks. This could have prepared QNT for an uptrend, but a bearish order block of $114.4 persisted.
At the time of writing, QNT was trading at $113.2 and flashing red, suggesting that the bears may already have a small hold on the market.
At press time, technical indicators suggested a correction could be likely as the bears gain more influence.
Read Quant’s (QNT) price prediction 2023-24
The bearish order block at $114.4: Will the bears gain leverage or can the bulls neutralize them?
QNT’s downtrend at the end of December found solid support at $104.4. The subsequent rally hit a roadblock at $116.8 before another correction followed, only to bounce back from $104.4.
The price action formed a double bottom pattern, a typical signal of an uptrend when an asset breaks above the neckline. In the case of QNT, the USD 116.8 neckline was not crossed as the price initiated a downtrend just below the neckline at the USD 114.4 bearish order block.
The RSI, OBV and MFI showed downward trends, indicating decreasing buying pressure and trading volume, reinforcing the impression that a distribution had taken place. This could give the bears more clout and push QNT down.
The price of QNT could drop to $112.3, the 26-period EMA of 110.6, or immediate support around $109.4. These can serve as targets for short selling.
Alternatively, bulls can get a boost when BTC is bullish. In that case, the bulls would trigger a bearish order breaker and overcome the hurdle at $114.4. However, the bulls could only gain leverage if QNT broke above the double bottom neckline at $116.8.
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QNT saw an increase in the number of addresses with 0-1000 coins, but the number of whale transactions caused a price rally
According to Santiment data, QNT saw an increase in addresses by 0-1000 coins since mid-December last year. However, those with more than 1000 coins gave up part of their holdings.
While the above trend may indicate retail investor confidence in the network, the QNT price did not rise until the end of the year after a surge in whale transactions. After that, the daily active addresses rose steadily, and so did the price.
QNT has also experienced a handful of Whale trades recently, which may have directly impacted the recent price rally. At the time of writing, even more Whale trades were recorded.
However, the price of QNT has fallen slightly despite the increased number of Whale trades at time of press, which may be related to a slightly bearish BTC.
In addition, the supply of top addresses has remained relatively unchanged since the end of December 2022. While this could undermine a larger upside move, investors should monitor BTC movements before taking any action on QNT.
This post Quant: $114.4 hurdle could give bears more clout; here they can win
was published first on https://ambcrypto.com/quant-114-4-hurdle-could-give-bears-more-leverage-heres-where-they-can-gain/