The price of the native token of the Quant Network – QNT – is rising nearly 6% in the past 24 hours but accumulates eye-popping gains of 83% since July started during a month that has been relatively weak for cryptocurrencies as a whole.
Data from CoinMarketCap shows that trading volumes started to surge after 8 July and peaked on the 16th in a day that saw over $160 million worth of QNT exchanging hands – a figure that represents over 12% of the project’s current market cap.
Nearly 83% of QNT’s maximum supply has already been minted and buying interest appears to be on the rise. Is this rally signaling the beginning of a long-term uptrend for QNT or is this a bear market rally?
What Has Happened with Quant?
QNT may have started to pop up on major investors’ radars on 23 June last year after the token was listed on Coinbase. However, that did not prevent the token from falling off a cliff this year amid the crypto winter, losing as much as 76% of its value at some point after hitting yearly lows of $42.5 per coin.
However, the token has recovered significantly lately and this appears to coincide with a non-customer-facing maintenance release implemented on the project’s Overledger network.
Even though the release said that no APIs, features, or changes were made to the user’s experience, the value of the asset has leaped significantly since that upgrade was made.
Aside from that, some minor announcements were made in late June that including updates on the project’s collaboration with the LACChain’s initiative and the introduction of the beta phase of the Overledger Tokenise premium API developed for the creation of interoperable crypto assets.
Quant & @LACChain partner to establish a new interoperable financial infrastructure for tokenised currencies, & improve social & financial inclusion in the LAC region, supported by @the_IDB’s @IDB_Lab. https://t.co/tJJhSHyxM2#Interoperability #DLN #DLT pic.twitter.com/24hHMOFS9w
— Quant (@quant_network) March 31, 2021
What is Quant?
The Quant Network has the mission to foster the interoperability of blockchains by creating an API-like network that can assist enterprises in the creation of tokens, the development of cross-chain applications, and other similar initiatives.
Quant (QNT) achieves this goal via its Overledger gateway, which offers a single entry point to any blockchain or other distributed ledger.
Both companies seeking to migrate their operations to a decentralized ledger or developers looking for a way to build apps that can be supported by multiple chains can rely on Quant’s solutions to achieve their goals.
Governments increasing interest to launch central-bank-backed digital currencies – also known as CBDCs – is particularly positive for projects like Overledger as their API would enable these institutions to tokenize their fiat currency and make it available to be traded in virtually any blockchain, whether that is Ethereum, the Binance Smart Chain, or Polygon.
QNT is the native token that powers the Overledger network. Even though the asset was initially designed as an ERC-20 token it is considered blockchain-agnostic, meaning that it can be easily transferred by using other networks by using Quant’s Overledger API.
Should Investors Buy QNT?
From a technical perspective, QNT is attempting to break above its 200-day simple moving average at the moment. If that happens, that would be a major buy signal as long as the price remains above that threshold.
Mid-term moving averages tend to be crossed when market participants feel positive about an asset’s future upside potential. In the case of QNT, the fact that this cross is occurring in the context of a sharp crypto winter is even more compelling.
That said, it is important to note that the token’s low trading volumes compared to major crypto assets make it susceptible to pump-and-dump events from whales and this should prompt traders to set tight stop-loss orders to avoid large losses if the price action suddenly reverses its course.
Wallet Investor is full-on bullish on QNT in the near term as the algorithm is predicting that the price could rise to around $126 per coin within the next 14 days resulting in a 19% upside potential based on today’s price.
Meanwhile, Gov.Capital’s algorithm is a bit more conservative and relatively neutral in regards to the short-term performance of QNT as the service is predicting that the price will decline to around $96 per coin within the next 14 days.
Other tokens are also moving against the current during the crypto winter as is the case of the innovative play-to-earn (P2E) project Battle Infinity. Its native token IBAT is currently undergoing pre-sale and investors can find out more about this project to get in early by joining their official Telegram group.
Other Related Articles:
- 10 Top Cryptocurrencies to Buy on Reddit in 2022
- Best Altcoin Exchanges & Trading Platforms
- Best Crypto Signals Telegram Groups
Battle Infinity - New Metaverse Game
- Listed on PancakeSwap and LBank - battleinfinity.io
- Fantasy Sports Themed Games
- Play to Earn Utility - IBAT Rewards Token
- Powered By Unreal Engine
- Solid Proof Audited, CoinSniper Verified
Discuss This Article
Add a New Comment /Reply
Thanks for adding to the conversation!
Our comments are moderated. Your comment may not appear immediately.