Quant's token QNT continued its upward trend on Thursday, approaching the $80 mark. Market data indicates that this rebound is not only driven by spot buying, but also by increased trading activity in the leveraged market, with both large accounts and retail funds participating, boosting short-term sentiment.
Both buying and open interest increased.
CryptoQuant data shows that the average size of completed orders in the leveraged market has increased, reflecting stronger trading activity from large accounts. The bid-ask volume spread over the past 90 days has also favored buyers, indicating that overall buying pressure remains dominant.
CoinGlass data shows that QNT futures open interest rose to $17.61 million, up from $16.96 million on May 1. An increase in open interest typically indicates more funds entering the futures market and increased trading interest.
Prices approaching key range
As of press time, QNT has risen approximately 7% in the past 24 hours, trading around $78, and has risen above its 200-day exponential moving average. The article notes that the price is testing a long-standing descending resistance line, and this area is a key point to watch for short-term price action.
According to the indicators cited in the article, the MACD remains above the zero line and the fast and slow lines continue to rise; the Relative Strength Index (RSI) is about 64, indicating that the bullish momentum is still there, but the market is also gradually approaching the overheated range.
Attention is focused on the area above $80.
If the price stabilizes around $80, the next target range will shift upwards to around $88.3, with further upside potential towards $101.14. If the upward momentum slows, short-term support is initially seen at $72.03, followed by the $68.79 to $66.86 area.
Overall, QNT's current rebound is supported by a simultaneous recovery in both the spot and futures markets. Whether the upward trend can continue depends on the price performance around $80 and whether leveraged funds continue to flow in.
