- Quant’s open interest has risen to its highest level in eight months.
- As more bullish signals emerge around QNT, the altcoin could rise towards the 1,618 Fib level.
Quantitative [QNT]At the time of writing, it was trading at $114, having outperformed most altcoins with 24-hour gains of over 15%. During this period, trading volumes increased by 130% per year CoinMarketCapindicating that interest in the altcoin was remarkably high.
Quant’s uptrend could continue due to several bullish signals. The Chaikin Money Flow (CMF), with a value of 0.18, is showing high buying pressure. Additionally, the CMF is tilting north, indicating more buyers are entering the market.
At the same time, the Moving Average Convergence Divergence (MACD) shows that momentum is bullish. The MACD line has been on an upward trend since mid-November, maintaining its position above the signal line as the price rose.
If the MACD line continues to rise upward and the MACD histogram bars remain above the signal line, QNT could rise further. Traders should watch for the exhaustion of this rally as the MACD line creates a sell signal by falling below the signal line.
Source: TradingView
If buyers remain active and the uptrend continues, QNT could rise 27% to its next target at the Fibonacci level of 1,618 ($142).
Open interest reaches an eight-month high
In addition to technical indicators, activity in the derivatives market supports the bullish thesis after Quant’s open interest (OI) reached $22 million at press time, the highest level since April.
Source: Coinglass
Based on past trends, Quant’s OI tends to rise as the price rises. Therefore, as more traders open new positions on QNT, this could lead to upward momentum. At the same time, traders should watch out for a drop in this metric, as it could indicate that QNT has reached a local top.
Quant’s funding rates have also been positive since mid-November, suggesting long traders are behind the rising OI.
Quant’s exchange net flows show THIS
Stock flow data shows that profit taking is not high enough to disrupt Quant’s uptrend. This is after holders withdrew more than 18,400 QNT, worth about $1.8 million, from spot exchanges this weekend.
Data from CryptoQuant shows that exchange net flows for QNT have been negative over the past three days, indicating that more traders are withdrawing their funds from the exchanges.
Source: CryptoQuant
The reduced selling pressure could bode well for the QNT token, as it suggests traders expect more profits for the altcoin despite a spike in profitability.
Read Quants [QNT] Price forecast 2024–2025
Per InTheBlokthe win rate of QNT wallets has increased from 4.96% to 26% in one month.
These bullish signals have improved market sentiment around QNT, with Market Prophit showing that both public and smart money sentiment around the altcoin is bullish.
Source: Markt Profhit