QNT Hits 6-Month High, ATOM Falls to 20-Day Low – Market Updates Bitcoin News
While crypto markets were mostly lower on Wednesday, the quant rose to a six-month high earlier in the day. Today’s move came as the token broke out of a key resistance level, on its way to its strongest point since March. Cosmos was another notable mover, dropping for a second consecutive session.
Quant (QNT)
Quant (QNT) rose to a six-month high on Wednesday, despite crypto markets largely hovering in the red.
After a low of $122.08 on Tuesday, QNT/USD rallied to a hump day of $143.26 earlier in the day.
The move came as prices raced past a key resistance point at $133.00, hitting their highest point since March 29 in the process.
Shortly after the breakout, we saw bears re-enter the market, likely as a result of uncertainty spurred by earlier bulls choosing to close positions.
At the time of writing, the 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, trailing at 70.47. Should bulls aim to take the price higher, the ceiling of 71.00 on the RSI needs to be breached.
Cosmos (ATOM)
On the other side of the spectrum, another notable mover on Wednesday was Cosmos (ATOM), which fell as much as 10%.
ATOM/USD fell to a low of $12.69 earlier in today’s session, breaking out of a key support point at $13.40 in the process.
This decline pushed Cosmos to its lowest point since September 8, days after the token rose from a support of $11.55
Looking at the chart, today’s drop comes as the 10-day (red) moving average had a bearish cross against its 25-day (blue) counterpart.
Should this bearish momentum continue, we could see ATOM on collision course with a floor of $11.55.
A positive for bulls comes in the form of the 14-day RSI, which appears to have found a floor at 44.95, which could help stop the bleeding momentarily.
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Do you expect ATOM to reach a floor of $11.55 this week? Let us know your thoughts in the comments.
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