Whereas crypto markets had been largely decrease on Wednesday, quant rallied to a six-month excessive earlier within the day. At this time’s transfer got here because the token broke out of a key resistance degree, en path to its strongest level since March. Cosmos was one other notable mover, dropping for a second straight session.
Quant (QNT) rose to a six-month excessive on Wednesday, regardless of crypto markets largely hovering within the pink.
Following a low of $122.08 on Tuesday, QNT/USD rallied to a hump-day excessive of $143.26 earlier within the day.
The transfer got here as costs raced previous a key resistance level of $133.00, hitting their highest level since March 29 within the course of.
Shortly after the breakout, we noticed bears reenter the market, probably on account of uncertainty spurred by earlier bulls who opted to shut positions.
As of writing, quant is at present buying and selling beneath the aforementioned resistance level, with the 14-day relative power index (RSI) additionally hitting a ceiling.
Presently, the index is deep in overbought territory, and monitoring at 70.47. Ought to bulls goal to take value increased, the ceiling of 71.00 on the RSI will have to be damaged.
On the opposite aspect of the spectrum, one other notable mover on Wednesday was cosmos (ATOM), which fell by as a lot as 10%.
ATOM/USD slipped to a low of $12.69 earlier in in the present day’s session, breaking out of a key help level of $13.40 within the course of.
This decline pushed cosmos to its lowest level since September 8, days after the token rallied from a help of $11.55
Trying on the chart, in the present day’s drop comes because the 10-day (pink) transferring common had a downwards cross versus its 25-day (blue) counterpart.
Ought to this bearish momentum proceed, we may see ATOM on a collision course with a ground of $11.55.
A constructive for bulls comes within the type of the 14-day RSI, which appears to have discovered a ground of 44.95, which may assist cease the bleeding momentarily.
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