QNT faces key support at $75 as whales accumulate
- QNT was unable to break the resistance at 85 USD and fell back to around 75 USD.
- Key support zone is at 75 USD, and a break below this level could lead to further corrections.
- On-chain data shows mixed signals: whales are accumulating, but network growth is stagnating.
- The OI-Weighted Funding Rate indicates slight confidence in long positions.
Key Resistance and Support Zones
In recent weeks, QNT has attempted to break the resistance at 85 USD but failed, falling back to the 75 USD range. At the time of analysis, the price stood at 75.36 USD, representing a 1.88% decline within 24 hours. The 20-day Simple Moving Average (SMA) currently sits at 75.1 USD and provides crucial support. If this level holds, a retest of the upper Bollinger Band at around 80.7 USD could be possible.
The Relative Strength Index (RSI) is at 58.36, indicating neither an overbought nor oversold market situation. This leaves room for potential price movements in either direction. However, if the price falls below 75 USD, the next significant support could be at 69.5 USD. A break of this level could trigger a deeper correction and jeopardize QNT’s upward momentum.
Mixed On-Chain Signals
The on-chain data for QNT presents a mixed picture. Network growth saw a slight decline of 0.25%, indicating fewer new participants are joining the network. However, the number of large transactions increased by 0.98%, suggesting accumulation by whales and institutional investors. These activities could lead to upward pressure in the near future.
The “In the Money” metric, which measures the percentage of profitable positions, remains neutral at 0.44%. This means that the majority of current QNT holders are not experiencing significant gains or losses. The concentration of holdings also remains stable, indicating a certain level of market maturity.
What Could Drive Further Growth?
Another interesting signal is the OI-Weighted Funding Rate, which is slightly positive at 0.0098%. This suggests that futures traders are increasingly confident in long positions. If this trend continues, it could trigger a short-term rally supported by derivatives trading.
However, for a sustained upward movement, it is crucial that QNT holds the support at 75 USD. The next trading sessions will determine whether the price can retest the resistance at 85 USD or if a phase of consolidation is ahead.
Our Assessment
QNT shows both positive and negative signals. While the support at 75 USD plays a crucial role, uncertainty remains as to whether the price can break the resistance at 85 USD. Accumulation by whales and the slightly positive funding rate indicate short-term potential, but the stagnant network growth could pose a challenge. The coming days will reveal whether QNT can build the necessary momentum to overcome resistance or if a correction is imminent.
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