Quant is showing some strength against BTC (+7% over the day), a rare thing in this red ocean of altcoins.
This upward movement is supported by a modest rise in volume. However we wouldn't give too much hope for bulls as we need to remind them that Quant recently broke its uptrend.
We are seeing Quant rally after bouncing on a short term support at 70k satoshis and heading toward its former uptrend support that could now be very well act as resistance.
As Stochastic Oscillator is getting deeper in the overbought zone, we could expect sellers to step up and take advantage to this rebound to bring the coin back to its 70k sat level and lower.
This scenario becomes invalid if buyers are able to get back and hold above the trend with a daily candle close as confirmation.
Raphaël Comte
Investment Analyst at Token Metrics
Disclosure: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice. Its principal has advised and invested in many blockchain companies. A complete list of his disclosures, advisory roles and current holdings can be viewed here: ianbalina.com/pages/....................... .
This upward movement is supported by a modest rise in volume. However we wouldn't give too much hope for bulls as we need to remind them that Quant recently broke its uptrend.
We are seeing Quant rally after bouncing on a short term support at 70k satoshis and heading toward its former uptrend support that could now be very well act as resistance.
As Stochastic Oscillator is getting deeper in the overbought zone, we could expect sellers to step up and take advantage to this rebound to bring the coin back to its 70k sat level and lower.
This scenario becomes invalid if buyers are able to get back and hold above the trend with a daily candle close as confirmation.
Raphaël Comte
Investment Analyst at Token Metrics
Disclosure: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice. Its principal has advised and invested in many blockchain companies. A complete list of his disclosures, advisory roles and current holdings can be viewed here: ianbalina.com/pages/....................... .