Quant (QNT) Price Spells Trouble After Failing to Break Out

Quant (QNT) has failed to break out above the $150 resistance area on its first attempt. The short-term readings suggest an initial retracement is likely.

QNT has been one of the strongest movers in the crypto market over the past five months. Since its $40 low in June, the price has created eleven non-consecutive bullish weekly candlesticks.

Throughout this period, it has increased by 280%, leading to a maximum price of $169.90 on Oct. 9. This was the highest price in 238 days. The same day, the hourly social mentions for QNT also reached a 90-day high of 1,170 on Oct. 9, while weekly mentions were at 25,444.

Long-term breakout leads 283-day high

The weekly chart shows that the price has broken out from a descending resistance line. Prior to the breakout, the line had been in p