Whereas crypto markets have been largely decrease on Wednesday, quant rallied to a six-month excessive earlier in the day. Immediately’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)
Quant (QNT) rose to a six-month excessive on Wednesday, regardless of crypto markets largely hovering in the crimson.
Following a low of $122.08 on Tuesday, QNT/USD rallied to a hump-day excessive of $143.26 earlier in the day.
The transfer got here as costs raced previous a key resistance level of $133.00, hitting their highest level since March 29 in the method.
QNT/USD – Every day Chart
Shortly after the breakout, we noticed bears reenter the market, probably because of uncertainty spurred by earlier bulls who opted to shut positions.
As of writing, quant is presently buying and selling under the aforementioned resistance level, with the 14-day relative energy index (RSI) additionally hitting a ceiling.
At the moment, the index is deep in overbought territory, and monitoring at 70.47. Ought to bulls intention to take value increased, the ceiling of 71.00 on the RSI will have to be damaged.
Cosmos (ATOM)
On the opposite facet 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 at the moment’s session, breaking out of a key help level of $13.40 in the method.
This decline pushed cosmos to its lowest level since September 8, days after the token rallied from a help of $11.55
ATOM/USD – Every day Chart
Trying on the chart, at the moment’s drop comes because the 10-day (crimson) transferring common had a downwards cross versus its 25-day (blue) counterpart.
Ought to this bearish momentum proceed, we might see ATOM on a collision course with a ground of $11.55.
A optimistic for bulls comes in the type of the 14-day RSI, which appears to have discovered a ground of 44.95, which might assist cease the bleeding momentarily.
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