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Quant price made a strong rebound from the lows, indicating a buyers’ comeback. At the time of writing, Quant was exchanging hands at close to $68.23, recording an impressive 13.5% jump intraday.
Moreover, this bounce gave relief to the Quant investors who were in a state of extreme fear due the price drop and panic in the broader markets panicking amid the price drop and the broader market conditions.
Earlier, Quant had been in a correction phase for the last couple of months, which may be flipped and the price may head for a recovery. In tandem with the price rebound from the lows, the analysts have noted a significant shift in the on-chain metrics which could further enhance the price.
Whales Are Back to Buying: Analysts
Though the Quant price has reacted bullishly in the last couple of sessions and has jumped nearly 20%. However, the analysts noted a significant activity in Quant right from the start of September i.e. a week ago.
As per the analysts, the top addresses also known as whales have started to accumulate Quant near the lows. Whales are the players with more capital and more resources, hence they tend to be on the right side of the trend for the most of the time.
As on September 1st, 2024, the whales were holding nearly 24.08% of the total supply which has increased to 24.58% currently. Whales have accumulated nearly 0.5% i.e. 74.4K QNT tokens in a week.
Furthermore, as per the data obtained by an on-chain analytics website app.santiment.net, a positive divergence has developed between QNT price and DAA (Daily active addresses). The price DAA divergence is a metric which reflects the change in the bullish or bearish divergence created between the price and daily active address.
A bullish divergence indicates the buyers comeback at the lower levels which could trigger a recovery in the crypto.
Is Quant Preparing For a Bull Run in September?
QNT has been in a correction phase since March, with sellers leading the trend. However, the scenario may flip as the buyers and large players were accumulating in recent sessions.
Looking precisely over the price pattern, a consolidation may be observed in the last couple of weeks with bulls heading for the $50 level. Meanwhile, the bears have established themselves near the $70 level.
A strong buying in the last couple of sessions highlights the buyers intention for a breakout. Now, a sustained breakout above the $70 level may validate a bullish reversal in the short term creating a potential run towards the 200 day EMA.
The long term view may shift to bullish if the price conquers 200 day EMA and sustains above it. However, it requires more buying volume to break the recent supply of $84 level at 200 day EMA.
Also, the buyer’s failure to make a reversal may invite sellers at the higher levels and the price may head towards the August lows. The technical indicators suggest a bullish continuation in the short term.