Ali Raza
Quant (QNT) has been on an impeccable bull run over the past month. Within this time, QNT has gained by over 90%. The bullish sentiment is still at play, as seen in the 18% gains reported over the past 24 hours. At the time of writing, QNT was trading at $214
Quant gains 18% in 24 hours
QNT has continued to outperform the broader cryptocurrency market. The global crypto market cap currently stands at $963 billion, according to CoinGecko, after a less than 1% gain in 24 hours. However, QNT bulls are not succumbing to the lack of significant price movements in the broader market.
During the past 24 hours, QNT has reported trading volumes of over $131 million. Given the gains reported during this time, it is clear that the trading volumes are largely attributed to an influx of buyers. QNT ranks as the 28th largest cryptocurrency with a market cap of $2.71 billion.
Despite the solid bullish sentiment, QNT is 52% below its all-time high levels of September last year. However, the recent rally has allowed the token to recover some of its yearly losses, and investors are now anxious to see whether a rally to a new ATH will be formed.
The current rally has allowed QNT to break past the crucial resistance of $200. Now that the price is sitting at $214, it is likely that new highs could be on the way. Analysts are now advocating for a long position on this token, which could explain why the rally past $200 has been solid.
Request 01 – $QNT
Lots of strength on this one.
Personally, not interested in longs until $172 is flipped for support.
Levels I'd be interested are $145 and $137 for longs. pic.twitter.com/NIZtisfj4C
— Michaël van de Poppe (@CryptoMichNL) October 14, 2022
A rally in the buying momentum will see QNT breaking past the $220 level soon before setting another target at $250. If the current bullish momentum remains at play, a rally to $300 could likely be in the making.
During the past 24 hours, QNT has traded between $180 to $214, indicating high volatility. Therefore, there could be some wild swings in the price, with the direction that the price will take depending upon the sentiment from traders.
Not much action is happening across the broader market, which increases the chances of QNT’s rally being exhausted. If profit takers start selling to take profits, QNT’s price will likely undergo a correction.
Quant price chart
The price indicators point towards an overbought situation, which raises the chances of QNT retracing. The Relative Strength Index (RSI) is currently at 61, as seen in the chart above. The Moving Average Convergence Divergence (MACD) line is above the signal line, enhancing the bullish outlook.
If the price retraces, the immediate support at $210 will be tested, after which an increased selling pressure could drop prices below $200. However, if prices drop to support levels, it could attract buying support, and it could only take a dip below $175 for the bullish thesis to be invalidated.
The long-term outlook for QNT is also bullish. The Quant network is believed to have an important role that it will play in supporting cross-border payments with central bank digital currencies (CBDCs) while supporting a multi-chain future in the web 3.0 & crypto industry. The rise in the number of countries exploring CBDCs places Quant in a unique position for adoption, which could translate to long-term gains.
Related
- Where to Buy Quant – Beginner’s Guide
- What is Quant Trading? A Beginner’s Guide for October 2022
- Quant Price Prediction – QNT drops to $152 – Should You Buy?
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This article was written for Business 2 Community by Ali Raza.
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