The crypto market was mostly lower on Wednesday, but quant rose to a six-month high earlier in the day. Today’s move came as the token broke through a key resistance level and was on its way to its strongest point since March. The Cosmos was another notable move, falling for the second session in a row.
Quant (QNT) rose to a six-month high on Wednesday despite the crypto market mostly in the red.
Following a low of $122.08 on Tuesday, QNT/USD rose to a hump-day high of $143.26 later in the day.
The move was attributed to price passing a key resistance point at $133.00, hitting its highest point since March 29 in the process.
Shortly after the breakout, bears re-entered the market. This was likely the result of uncertainty spurred by the early bulls who chose to close their positions.
As of this writing, the quant is trading below the aforementioned resistance point and the 14-day Relative Strength Index (RSI) has also hit its ceiling.
The index is currently tracking at 70.47, deep in overbought territory. If the bulls want prices to rise, they need to break the upper limit of the RSI at 71.00.
Meanwhile, another notable move on Wednesday was the Cosmos (ATOM) which fell as much as 10%.
ATOM/USD fell to a low of $12.69 early in today’s session, breaking out of a key support point at $13.40 in the process.
This drop pushed the Cosmos to its lowest level since September 8, just days after the token rallied from support at $11.55
The chart shows a downward cross of the 10-day moving average (red) against the 25-day moving average (blue), which caused the decline today.
Positive form for bullishness is the 14-day RSI, which seems to have found a floor of 44.95 and may help stop the bleeding temporarily.
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