Several cryptocurrency projects are standing out, recording positive gains when the general market is attempting to look for a bottom and an eventual rally. Notably, interoperability-based crypto project Quant (QNT) is among the stand-out digital assets gaining significantly in recent weeks.
Having joined the market in 2018, QNT has been on the rise amid increased adoption alongside listing on leading crypto exchanges, including Binance and Coinbase.
Overall, QNT has been on a bullish run over the last month. By press time, the 30th-ranked cryptocurrency by market capitalization was trading at $174, having gained over 70% within a month.
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The monthly chart saw the price peak at $225 on October 17. At the same time, the token is witnessing increasing buying pressure, with a market capitalization of $2.1 billion on October 21.
QNT’s next price action
Despite correcting momentarily, chart analysis indicates that QNT is seeking to extend its bullish run, although the investor buying interest faces the threat of destabilization from the prevailing macroeconomic factors. Based on the current value, chart analysis indicates Quant has a support level at $170.
However, the position might not hold for long, considering the support has dropped from the crucial $185. Notably, the asset might find support around $150 if investors continue taking profits.
At the same time, with minimal activity ongoing in the crypto market, QNT will rely on sustained buying pressure to regain the $185 support level, focusing on hitting $200.
QNT technical analysis
Based on the latest QNT technical analysis, the sentiment stands for a ‘strong buy’ at 15, with neutral standing at nine, while the ‘sell’ option is backed by two. Elsewhere, the moving average at 13 is for a ‘strong buy’ while ‘sell’ and ‘neutral’ are at one each.
Based on the current price, QNT is training above its 100-day moving average (MA), indicating that the overall prices are bound for an upward movement. On the flip side, it might indicate that QNT’s price is nearing a peak with a possibility of a trend reversal.
Interestingly, a majority of oscillators at 8 are in the neutral zone.
Can QNT reclaim $200
The sentiment around QNT is bullish, with tokens appearing to defy the ongoing crypto market volatility. However, the main question is whether QNT can reclaim the $200 level en route to another high. In this line, crypto trading expert Michaël van de Poppe had projected that if QNT flips the $172 level, it will be in line for a sustained rally.
At the same time, Quant potential to rally can also be derived from related network activities. For instance, the token’s social dominance has risen significantly over the last six months. According to data from blockchain analysis firm Lunar Crash, as of October 14, QNT’s six-month social engagements had spiked over 130%.
Although hitting $200 remains in play, the general crypto market remains dull, an indicator that QNT’s price surge might face potential exhaustion, especially as the selling pressure accelerates by profit takers.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
