While crypto markets were mostly lower on Wednesday, the quant hit a six-month high earlier in the day. Today’s move came as the token broke out of a key resistance level on its way to its strongest position since March. Cosmos was another notable mover as he was out for the second consecutive session.
Quant (QNT) hit a six-month high on Wednesday, despite crypto markets hovering mostly in the red.
Following Tuesday’s low of $122.08, QNT/USD rose to an early day high of $143.26.
The move came as the price ran above a key resistance point at $133.00, hitting its highest point since March 29 in the process.
Shortly after opening the range, we saw bears re-enter the market, possibly due to the uncertainty of early bulls choosing to close positions.
As of writing, the quant is currently trading below the mentioned resistance point, while the 14-day relative strength index (RSI) is also hitting a ceiling.
Currently, the index is deep in the overbought region, and tracking at 70.47. If bulls intend to push prices higher, the ceiling of 71.00 on RSI should be broken.
On the other side of the spectrum, another notable mover on Wednesday was Cosmos (ATOM), which fell as much as 10%.
ATOM/USD fell to $12.69 earlier in today’s session, breaking out of a key support point of $13.40.
The decline pushed Cosmos to its lowest level since September 8, days after the token rallied from support at $11.55.
Looking at the chart, today’s drop comes as the 10-day (red) moving average has a downward cross compared to its 25-day (blue) counterpart.
If this bearish momentum continues, we could see ATOM on a collision course with the $11.55 floor.
The positive for the bulls is in the form of the 14-day RSI, which seems to have found a floor of 44.95, which will help stop the bleeding for the time being.
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Do you expect ATOM to hit the $11.55 floor this week? Let us know your thoughts in the comments.
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