Quant’s native token, QNT, has emerged as one of today’s top performance altcoins. Its prices rose 6% despite the wider market struggles.
The move has sparked new bullish interest, with on-chain data pointing to more potential benefits in upcoming sessions.
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Quant Token Rallies are increasingly confident in traders
QNT’s daily profits accompanied by an increase in open interest in futures, indicating that traders will enter more and more new positions rather than withdrawing existing positions. According to Coinglas, this is currently $29.13 million, an increase of 7% over the past 24 hours.
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Open profit refers to the total number of unresolved futures contracts that have not yet been resolved. It serves as an important measure of market activity and trader participation, so as prices rise with rising, new money flows into the market and strengthens the trend.
For QNT, this shows an increase in confidence among traders that there is room for the current bullish momentum.
Additionally, QNT’s liquidation heat map highlights a concentration of liquidity of around $103 above its current level.
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A liquidation heatmap is a visual tool that traders use to identify price levels where large clusters of leveraged locations are likely to be cleared. These maps highlight areas of high fluidity. Often there are bright zones that are color coded to indicate intensity and represent greater liquidation possibilities.
These zones are often referred to as “price magnets,” attracting spots and derivative activities towards traders as they try to exploit potential squeezes. This setup suggests that QNT could continue its upward trend towards liquidity clusters if market momentum is retained.
QNT uptrends get steam
On the daily chart, QNT’s Chaikin Money Flow (CMF) indicators are rising, supporting cases of sustained gatherings. At the time of writing, this momentum indicator is 0.02.
CMF measures the flow of capital in and out of assets by analyzing prices and quantities. Such a surge in CMF reflects an increase in buyback pressure, reinforcing the case of QNT’s sustained bullish behavior.
If demand is high, it could cause a violation of resistance at $101.87, which could rise to $107.68.
However, if the momentum fails to maintain, QNT prices can be vulnerable to profit acquisition, especially when the weakness of the broader markets deepens. In this scenario, the current trend could be reversed and drop to $85.37.
