Quant's Rally Hits Profit-Taking Risk at $300
Quant's (QNT) recent price surge has raised concerns about profit-taking derailing its momentum towards $330.
The cryptocurrency first rose to around $330 before retracing to $232, and then regained momentum to trade near $280 at press time. The 250% increase in QNT's value during the week has led to significant unrealized profits for recent buyers.
Despite the recovery, which shows that there are still many buyers active in the market, the $300 area is becoming a crucial testing ground for these investors. The Relative Strength Index (RSI) stood at 68.04, indicating elevated bullish momentum despite cooling from earlier overbought conditions.
A dormant founder's wallet has recently moved 25,776 QNT worth approximately $6.97 million to new wallets, representing the first time this wallet has been active in about seven years. The transfer of tokens to new wallets raises questions about the holder's motivations after the price explosion on QNT.