The bears are slowly squeezing all the profits gained in the past few days, indicating the markets are approaching the peak of the consolidation. Therefore, some of the altcoins have already initiated a bullish breakout. Quant has reached the end of the consolidation and hence a breakout was pre-programmed. Meanwhile, Arweave is trying to maintain a healthy upswing by holding the support for over a week. Will these altcoins remain bullish until the end of the monthly trade or remain consolidated within a narrow range?
Quant (QNT) Testing Crucial Resistance
Quant price was stuck within a massive descending range after it faced rejection in the last few days of Q1. The volume remained within the average levels, indicating less involvement by the traders. However, after undergoing extreme compression, the price has triggered a huge rebound from the lower support of the wedge and a final push could assist the price in breaching the resistance of the pattern.
The token formed constant lower highs and lows, displaying the growing strength among the bears, while the latest rebound, which was fueled by huge growth in buying pressure, indicates a trend reversal. Besides, the MACD levels underwent a bullish crossover with a slight rise in buying volume. As a result, the QNT price is expected to break above the consolidation. However, if it manages to hold the levels at $83.5, the local resistance at the start of Q3 could be extremely bullish, allowing the rally to test higher targets.
Arweave (AR) Preparing for 30% Upswing!
Ever since the price initiated a 500% rise in the first quarter, the Arweave price has been holding strong along the neckline above the gains. Besides, the token has been accumulating minor gains for over a couple of days, which suggests a major breakout could be on the horizon. However, the trader’s attention does not appear to have shifted over the token, due to which the upswing has remained restricted within a range.
As seen in the above chart, the AR price is trading along the lower crucial support zone, displaying the presence of the bulls. The RSI has risen from the lower threshold, indicating a slight rise in buying pressure. Moreover, the OBV (on-balance volume), which is a volume-based indicator, flipped when it was on its way to test the lower range. This indicates the price is preparing for a significant rise and achieve $30 by the end of the month.
