Quant (QNT) bounces from critical support levels with an over 20% gain

The cryptocurrency market is starting Monday on a slight uptrend, with the global cryptocurrency market cap gaining by around 2.5% during the past 24 hours. While most coins have not made major gains, Quant (QNT/USD) is defying the odds with a double-digit uptrend during the past 24 hours.

QNT was trading at $125.28 at the time of writing after a 20.8% gain in 24 hours. QNT is around 70% below its all-time high.

QNT makes a major uptrend

Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

QNT is still holding on to an over 200% gain on a year-to-date (YTD) basis. Most coins have erased their YTD gains due to the recent market bears. This factor could be attracting buyers to the coin, and it could form additional gains.

If QNT gains, it could push towards the immediate resistance at $127. This resistance was tested during the past 24 hours, but it has failed to hold. From here, the next resistance will be $138.

Short-term buyers might rush in to sell at these highs, fearing the risk that a market recession could be on the way. However, if the market support is still strong after QNT breaks past this resistance, the next target for this to0ken will be $150.

Quant continues to attract attention in the broader crypto sector due to its Overledger technology. This feature is expected to be a major gamechanger in the blockchain space, making a case for Quant to make long-term gains.

Market support is still weak

During the past 24 hours, QNT has broken out of the trend created by the broader cryptocurrency market. The uptrend stemming from buyer support could fail if the market is spooked again and tokens decline.

If QNT dips, it will land at the lower support at $119. Such levels could ignite buying pressure, especially if the rest of the market continues to recover. However, the current independent gain in QNT’s prices could be attributed to short-term buyers booking profits. If these buyers decide to start selling, the 24-hour lows of $102 could be tested. QNT could also dip below $100 if the broader market continues declining.