While crypto markets were mostly lower on Wednesday, quant rallied to a six-month high earlier in the day. Today’s move came as the token broke out of a key resistance level, en route to its strongest point since March. Cosmos was another notable mover, dropping for a second straight session.
Quant (QNT) rose to a six-month high on Wednesday, despite crypto markets mostly hovering in the red.
Following a low of $122.08 on Tuesday, QNT/USD rallied to a hump-day high of $143.26 earlier in the day.
The move came as prices raced past a key resistance point of $133.00, hitting their highest point since March 29 in the process.
Shortly after the breakout, we saw bears reenter the market, likely as a result of uncertainty spurred by earlier bulls who opted to close positions.
As of writing, quant is currently trading below the aforementioned resistance point, with the 14-day relative strength index (RSI) also hitting a ceiling.
Currently, the index is deep in overbought territory, and tracking at 70.47. Should bulls aim to take price higher, the ceiling of 71.00 on the RSI will need to be broken.
On the other side of the spectrum, another notable mover on Wednesday was cosmos (ATOM), which fell by as much as 10%.
ATOM/USD slipped to a low of $12.69 earlier in today’s session, breaking out of a key support point of $13.40 in the process.
This decline pushed cosmos to its lowest point since September 8, days after the token rallied from a support of $11.55
Looking at the chart, today’s drop comes as the 10-day (red) moving average had a downwards cross versus its 25-day (blue) counterpart.
Should this bearish momentum continue, we could see ATOM on a collision course with a floor of $11.55.
A positive for bulls comes in the form of the 14-day RSI, which seems to have found a floor of 44.95, which could help stop the bleeding momentarily.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect ATOM to hit a floor of $11.55 this week? Let us know your thoughts in the comments.