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QNT Hits 6-Month High, ATOM Falls to 20-Day Low – Market Updates Bitcoin News

While crypto markets had been principally decrease on Wednesday, quant rallied to a six-month excessive earlier within the day. Today’s transfer got here because the token broke out of a key resistance degree, en route to its strongest level since March. Cosmos was one other notable mover, dropping for a second straight session.

Quant (QNT)

Quant (QNT) rose to a six-month excessive on Wednesday, regardless of crypto markets principally hovering within the pink.

Following a low of $122.08 on Tuesday, QNT/USD rallied to a hump-day excessive of $143.26 earlier within the day.

The transfer got here as costs raced previous a key resistance level of $133.00, hitting their highest level since March 29 within the course of.

Biggest Movers: QNT Hits 6-Month High, ATOM Falls to 20-Day Low
QNT/USD – Daily Chart

Shortly after the breakout, we noticed bears reenter the market, probably on account of uncertainty spurred by earlier bulls who opted to shut positions.

As of writing, quant is presently buying and selling under the aforementioned resistance level, with the 14-day relative energy index (RSI) additionally hitting a ceiling.

Currently, the index is deep in overbought territory, and monitoring at 70.47. Should bulls goal to take value greater, the ceiling of 71.00 on the RSI will want to be damaged.

Cosmos (ATOM)

On the opposite facet of the spectrum, one other notable mover on Wednesday was cosmos (ATOM), which fell by as a lot as 10%.

ATOM/USD slipped to a low of $12.69 earlier in right this moment’s session, breaking out of a key assist level of $13.40 within the course of.

This decline pushed cosmos to its lowest level since September 8, days after the token rallied from a assist of $11.55

Biggest Movers: QNT Hits 6-Month High, ATOM Falls to 20-Day Low
ATOM/USD – Daily Chart

Looking on the chart, right this moment’s drop comes because the 10-day (pink) transferring common had a downwards cross versus its 25-day (blue) counterpart.

Should this bearish momentum proceed, we might see ATOM on a collision course with a flooring of $11.55.

A optimistic for bulls comes within the type of the 14-day RSI, which appears to have discovered a flooring of 44.95, which might assist cease the bleeding momentarily.

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Do you count on ATOM to hit a flooring of $11.55 this week? Let us know your ideas within the feedback.

Eliman Dambell

Eliman brings an eclectic perspective to market evaluation, he was beforehand a brokerage director and retail buying and selling educator. Currently, he acts as a commentator throughout numerous asset lessons, together with Crypto, Stocks and FX.

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