Quant: Are Long-Term Holders Getting Ready for a Bigger Move?

Quant (QNT) has shown considerable upward movement, breaking out of a bullish pennant pattern and achieving nearly 8% gains in a single day. This growth is supported by a surge in daily transaction volume and positive on-chain metrics, suggesting that long-term holders are maintaining their positions instead of selling.

Key Takeaways

Quant has seen an impressive daily increase of almost 8% following its breakout from a bullish pennant.
Trading above key 20-day and 50-day exponential moving averages signifies potential support levels.
A rise in daily transaction volume indicates increased network engagement.
Long-term holders are not withdrawing tokens, suggesting reduced selling pressure and sustained positive sentiment.

Quant: Are long-term holders positioning for a larger move? Assessing...

Analyzing Quant's Recent Performance

Quant (QNT) has made noteworthy gains recently, marking a significant milestone after its price escaped a bullish pennant consolidation pattern. This breakout occurred just five days ago, coinciding with a market imbalance at $78. As of the latest updates, Quant's value climbed nearly 8% within a single day.

Moreover, this price surge follows a decisive breakout above the 20-day and 50-day exponential moving averages (EMAs). This shift in these key technical indicators often signals a change in short-term trend direction.

Quant Price analysis

Foundation for Future Price Rallies?

Currently, Quant is trading above both EMA levels. Holding this position is crucial, as these levels can serve as significant support. The resilience of the 20-day and 50-day EMAs may provide a solid base for any potential price reversal.

On-Chain Metrics Indicate Positive Trends

Supportive on-chain data underscores this strengthening trend. Recent reports show that Quant's daily transaction volume has increased significantly, reaching about 60,000 transactions in the last 24 hours. This uptick in transaction activity generally correlates with growing network engagement, which aligns well with Positive shifts in market sentiment for QNT.

Quant daily on-chain transaction volume in profits

Increased Activity Among Long-Term Holders

Further affirming the bullish outlook is a drop in exchange-related metrics. The number of QNT withdrawals has plummeted to an all-time low, with only 24 transactions recorded since the morning of January 20. This is noteworthy as it suggests minimal selling pressure since fewer tokens are entering the exchanges for sale.

The sentiment among long-term holders remains positive, as many key investors prefer to reinvest their profits rather than withdrawing them back to the exchanges.

Quant number of withdrawals

Collectively, the activities of long-term holders, the surge in on-chain transactions, and encouraging technical indicators enhance the chances of a continued bullish trend for Quant in the foreseeable future.

Conclusion

In summary, Quant is experiencing a period of positive momentum, bolstered by predominantly bullish on-chain metrics and technical indicators. Long-term holders’ confidence appears to be solid, positioning QNT for potential further gains.