Quant’s bullish rally over the past few weeks seems to be weakening. After hitting a 6-month high past $160, QNT’s price rally is reversing. Over the last 24 hours, QNT has plunged by 3.2%, and it was trading at $151.97 at the time of writing, according to CoinGecko.
QNT drops to $152
QNT has had an impressive performance over the past month. Over the last 30 days, QNT has gained by 47.1%, and it is also up by around 30% over the last two weeks. Following this performance, QNT has outperformed most of the top cryptocurrencies in the market, whose price has been consolidating.
QNT’s trading volumes over the last 4 hours stand at over $101 million, showing increased activity in the token, which could be attributed to bears stepping in as the selling pressure builds.
Over the last 24 hours, QNT has traded within the range of $152 to $163, indicating high volatility. This volatility is expected to increase as profit takers bought at low prices start dumping over fears that the bullish momentum has faded.
The broader cryptocurrency market is not giving QNT the much-needed support to sustain the uptrend. Over the last 24 hours, the broader cryptocurrency market cap has gained by less than 1%, and the metric is still below $1 trillion.
Although QNT has been rising over the past month, it still has a long way to go to reach its all-time highs again. QNT is currently 64% below the peak it hit in September of last year. However, the recent gains have helped the token recover some of its losses.
QNT price chart
The Relative Strength Index (RSI) points toward growing selling pressure. The RSI indicator stands at 42, indicating that bears seem to be gaining control of the market as the price continues to dump. During the past 24 hours, QNT managed to push past the $160 resistance level, and this could have been a signal for short-term traders to dump because of the possibility of a trend reversal.
The Moving Average Convergence Divergence (MACD) also shows that the bears are currently in control. The MACD line has sharply dropped below the signal line and going by this metric, we expect QNT to continue with the current downtrend in the short term.
The continuation of the downtrend will see QNT testing the support levels of $141 and $130. On the other hand, there is the possibility of a trend reversal, in which case $160 will be tested again before the price breaks out to $188.
One of the main reasons behind QNT’s latest pump is the Sibos conference. The conference hosted by SWIFT is geared toward discussions surrounding financial services and central bank digital currencies (CBDCs).
The Sibos conference has attracted thousands of participants, including executives at the Quant Network. These executives are expected to give a speech on October 13, and during this time, we could see QNT’s price witnessing increasing volatility. Quant already has expertise exploring CBDCs, as seen in the joint trials with the Bank of England.
The next crypto to explode that you should consider checking out is IMPT. Like QNT, IMPT is also packed with utility by focusing on lowering carbon emissions through blockchain technology.
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