Technical Analysis: Quant Climbs 20%, as Loopring Selloff Extends
After earlier spells of consolidation, the tide turned on cryptocurrencies this afternoon, with markets finding themselves in a red wave. Quant managed to evade the wave, climbing by as much as 20% during the session.
Following yesterday’s strong gains, the global cryptocurrency marketplace was trading over 6% lower on Wednesday, however, there were some notable exceptions.
Quant was one of these exceptions and was easily one of the biggest movers in the crypto top 100 during today’s session.
QNT/USD hit an intraday high of $119.91 on Wednesday, after trading at a low of $97.60 the day prior.
Today’s rally sees QNT extend its gains for the third consecutive day, and now is on the brink of breaking into the 0.236 Fibonacci zone.
This run began after QNT/USD rose from its support of $89 on Monday, after falling to its lowest level in over 1-year towards the end of last month.
There is a visible RSI resistance currently in place, some still remain confident that we may be set for a break.
Loopring extended Tuesday’s losses today, falling to a low of $0.8932, which saw its price decline by nearly 7% as of writing.
Despite this, there was another bear that stood out on Wednesday, that of course being arweave (AR).
AR/USD was down 8.3% as of writing, hitting a session low of $37.04 in the process, which came after resistance of $42.20 was held.
This selloff coincided with the 14-day RSI failing to break out of its recent ceiling of 50, which appears to be the theme amongst cryptocurrencies on Wednesday.
However, despite this the short-term trend is still pointing upward, which may mean that bulls are still present, just waiting for an opportune time to re-enter.
Should this happen, how high do you expect AR to go? Let us know your thoughts in the comments.