QNT surges 23% after bouncing off support but can it maintain the momentum

ambcrypto.com:

Quant’s QNT cryptocurrency earned its way into the list of top trending this weekend, accompanied by strong price action. It pulled of a 23% mid-week rally but could there be more to this performance or will it be relegated to a weekend pump?

QNT demonstrated bullish strength for most of September, especially after crossing above its 200-day moving average. Its $96-$97 price range acted as the new price floor and that has been the case in the last few days.

Furthermore, QNT kicked off last week on a bearish trajectory but the bulls took over at the middle of the week. This resulted in a 23% upside.

Additionally, the performance may have also been influenced by strong buying pressure within an ascending support line. The latter was part of the cryptocurrency’s ascending range that prevailed for the last three months.

Source: TradingView

The bounce from support indicated that QNT might have just started its next rally. However, numerous observations suggested that the upside would face a lot of friction. QNT peaked at $124 after a strong rally in the last 24 hours at press time. It also registered a strong pullback to a $115 press time price. This confirmed that there was heavy profit-taking during the trading session.

QNT’s 90-day dormant circulation achieved a notable spike in the last few hours. A confirmation that a substantial amount of the cryptocurrency previously HODLed for at least three months was moved.

Source: Santiment

Similarly, QNT’s age-consumed metric registered a large spike in the last 24 hours. As many as 9.16 million coins changed addresses during the last few hours. These metrics do not indicate whether the transacted QNT volume will support an extended upside or lead to sell pressure. Fortunately, exchange