Like most cryptocurrencies, Quant (QNT) has seen a significant price increase over the past weeks. The token has gained more than 8.24% in the last 24 hours.
even The broader cryptocurrency market Recently it has seen a drastic improvement in its prices. Reports revealed That the cryptocurrency market outperformed the traditional equity market.
QNT noticed 14 days benefit 26.8% and 7-day price increase of 7.58%. These performances can be attributed to improving economic conditions and recent improvements on the quantum network.
What factors can cause the price to increase?
The Quantum Network is an interoperability-enabling platform launched to efficiently connect multiple blockchains. The value of the quant token often moves in response to changes in the US economy.
For example, the Consumer Price Index (CPI) for December At 6.5%, it showed a value in line with market expectations. CPI is a metric in the United States that measures inflation. A high CPI indicates high inflation, while a low price indicates deflation. There was positive sentiment in the crypto market ahead of the CPI release, which boosted the sector including QNT.
Over the past weeks, the quant has shown signs of breakout from the descending channel. A move above a descending channel often indicates a potential breakout, which moves the price higher. This trend could be one of the factors influencing the rally of Quant.
Data This indicates that Quant may have seen a double bottom on the daily time frame while the cryptocurrency broke out of a channel that pushed the price action to the upside.
Also, Quant oscillators and 7-day moving average are currently showing strong buy. This could be one of the factors driving the QNT price upwards. Also, fear and greed index is showing neutral.
The latest developments on the quant network could also be among the factors driving the asset price upwards. The quant network Designs safe bridges. For transfer of assets. Bridges are networks used to transfer assets from one network to another. But it is common knowledge that bridges are usually susceptible to hack attacks.
Quant Price Predictions, Will It Keep Going Up?
QNT is currently Trading at $154.91.. The coin is above its 50-day and 200-day Simple Moving Average (SMA). A golden cross is likely to form in the coming weeks if the 50-day SMA crosses the 200-day SMA.
The quant’s support levels are $137.30, $139.09, and $141.27. It has broken its resistance levels at $145.24, $147.02, and $149.21. The token is currently under bullish pressure. A new resistance will form at the $164.67 level, with the old resistance level turning towards support. A long green candlestick formation today shows that the bulls have taken control of most of the trading activity.
of the quant The relative strength index (RSI) reading is 72.97, which is in overbought territory. This is also a bullish signal. gave MACD (Moving Average Convergence/Divergence) Now the signal is above the line showing a positive reading. The positive trend is expected to continue for a few more weeks. Although the token may record a minor price correction, it will remain bullish for a short period of time.
Please note that altcoins are relatively volatile and may deviate from the predicted trend. Also, an altcoin that loses half its value must recover 100% to return to its original value. However, they provide opportunities for traders who like volatile markets and take advantage of proper risk management techniques.
Featured image from Pixabay and chart from TradingView.com.
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