On Saturday, the price of Quant (QNT) extricated from the seven-month-old falling wedge formation. With the continuing retest phase on Monday, buyers will verify the legitimacy of the breakout.
QNT is the native cryptocurrency of the Quant Network, a blockchain platform that facilitates the interoperability of blockchains.
Monday’s trade price for QNT is $75.71, a decrease of 10.2 percent over the last seven days, according to statistics from Coingecko. Therefore, if the price holds over $77.5, the altcoin could extend the current recovery.
Quant (QNT) has increased significantly over the previous week, signaling that a bottom may just be around the corner. The pace increased as purchasers drove the price above $67.
Moving averages have accomplished a bullish confluence, and the relative strength index is in the positive region, indicating a potential trend reversal.
Suggested Reading | Dogecoin (DOGE) Seen Jumping This Month, Despite Twitter-Musk Deal Collapse
Quant Barrels Past $75 Barrier
After nearly two months, a huge price increase pushed QNT past the $67 threshold. As QNT bulls forced their way forward, the coin’s price increased, passing the $75 barrier.
If bullish momentum sustains this week, the next important price levels to monitor will be $89 and $100. Near $90, the uptrend is encountering a formidable obstacle.
Meanwhile, volumes have grown over the last several sessions, resulting in an increase in volatility; therefore, investors should wait until the price resolves before placing transactions.
The sellers are seeking to halt the uptrend at $90, but the upward-sloping moving averages and strong relative strength index signals that the bulls have the edge.
QNT total market cap at $911 million on the daily chart | Source: TradingView.com
QNT Sees Short-Term Upswing
If the price of QNT recovers from the 20 exponential moving average, buyers could push the price back up to $90. A break and closing above this psychological barrier could indicate the restart of the short-term upswing.
In a falling pattern, the QNT/USDT pair displays its continued downward trend. For nearly seven months, the price of the coin fell within this pattern, denying a substantial bullish resurgence.
Suggested Reading | Solana Glints With 14% 3-Day Rally – Will SOL Keep On Beaming?
In addition, the bull cycle inside the pattern began on June 17, when the QNT price rallied from the trendline of support at its lowest point. As a result, the bullish surge boosted the market value to past $75.
Quant reached a record high of $427 on September 11, 2021 – a far cry from its current price of $75.71. The token’s price reached an all-time low of $0.215 on August 23, 2018.
Recent price activity for Quant has resulted in a market capitalization for the token that exceeds $1.8 billion. This year, QNT has experienced a change of -57.80 percent.
Featured image from Coinpedia, chart from TradingView.com
Ecosystem
Research
News Network
About