- Investors should watch the bearish order block.
- Pullback underway.
Quant’s higher timeframe outlook remained massively bullish. The alternative token has surged approximately 340% since June lows at $43.4. The upside past the resistance zones at $91 and $158 was vital for longer-term market players.
Meanwhile, substantial positive social indexes and massive buying pressure accompanied the rally. QNT had an ongoing pullback during this publication. Also, analysts had observed emerging worrying signals. The price charts show the move can materialize into declines rather than trend reversals.
Bearish Order Block Turns to Bullish Breaker
QNT has exhibited massive bearishness in its higher charts over the past months. Meanwhile, the narrative started changing during July and August sessions, as the price pushed past $80 and $90 before retesting the levels as support. That saw it making multiple higher lows and highlighted bullishness on its lower charts.
The bearish order block at $140 (since February) served as a resistance zone in August. Recent weeks saw QNT bulls fighting bears to regain the $140 mark. Higher trading volume accompanied this move. Also, technical indicators flashed heavy buying momentum.
The OBV (On-balance Volume) maintained massive uptrends, confirming colossal buying volumes since July. Also, the RSI (Relative Strength Index) displayed massive rallies over the past few months, exhibiting overbought conditions at 71.
The last day witnessed a massive upper wick toward $225, hinting at enormous selling strength beyond the $200 mark. Considering the resistance near the psychological and technical zone at $200, QNT will likely suffer a pullback.
The bearish block from February now served as a bullish breaker. Meanwhile, retesting this area would possibly provide a lucrative risk-to-reward ‘buy’ opportunity for longer-term market players, who might sell for around $250 and $320.
Recent weeks also saw the social dominance index skyrocketing. The price gained over 125% between September and mid-October. The surge attracted social media activity.
Furthermore, the active address metric recorded a stable surge over the latest week. Market players should beware that development activity remains low for QNT.
Feel free to share this article with other crypto fans.