The cryptocurrency market is showing robust growth, with Ethereum achieving significant results and Quant drawing attention due to its harmonic model.
Rise of the Cryptocurrency Market
The cryptocurrency market continues to gain momentum due to positive dynamics, especially among leading assets. Ethereum (ETH) has seen a 20% gain over the past week, approaching the $3,175 mark. This creates a general perception of a bullish market that also impacts altcoins.
Harmonic Model of QNT
Analyzing the daily chart of QNT reveals the formation of a bearish ABCD harmonic pattern. Despite its name, this pattern may not signify an immediate price decline—instead, it often precedes bullish movement during the CD segment, where selling pressure typically manifests after the pattern completes at point D. The structure started at point A around $62.7, rallied strongly to point B at $126.6, and then retraced to point C at approximately $85.4. Currently, QNT is trading near $115.
Outlook for QNT
For this bullish scenario to unfold, QNT must remain above its 50-day moving average, currently sitting at around $108.30, acting as a level of dynamic support. A breakout above the $120–$125 resistance zone with sustained volume could confirm the next upward leg toward the target zone. If reached, the $149 region, aligning with the harmonic model, might be a point where short-term traders take profits, given the predictive nature of the harmonic pattern.
In conclusion, the analyzed data indicates that the cryptocurrency market, as well as assets like Ethereum and Quant, are in a growth phase. Investors are monitoring specific support and resistance levels that may indicate further trends.
