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Quant Price Prediction: How High Can QNT go?
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QNT's price has surged in the past few days after it pushed above the $67 mark
Key Insights:
- QNT experienced a breakout from a seven-month-old falling wedge pattern on July 9.
- Its price has surged in the past few days, indicating that a bottom may be in place.
- The token currently ranks 49th in the list of cryptocurrencies worldwide by market capitalisation at $928 million.
QNT, the ERC-20-compatible token that is used to power Quant Network’s Overledger brand of enterprise software solutions, has surged in the past few days, which indicates that a bottom may be in place.
The rise in Quant’s (QNT) price occurred after the token pushed above the $67 mark, but this uptrend is facing a hurdle near $90. The token is currently down 82% from its all-time high (ATH) price of $428.38 set on September 11, 2021.
The Quant Network aims to connect public blockchains and private networks, while its utility token can be used as a payment method for network resources as well as for staking and licensing fees.
Price Action
QNT started its journey on August 14, 2018 at $0.2357. It quickly rose to $0.3941 by August 30 and then to $4.2372 on February 9, 2019, which represents an almost 11-fold increase.
The Quant crypto reached the $11 level in 2019 before crashing to $2.3731 on March 19, 2020. Bullish momentum saw the coin rally to $92.64 on June 25, 2021, before retreating to $66.27 shortly thereafter on July 19. After reaching its ATH price of $428.38 on September 11, 2021, QNT’s price bottomed out at $98.10 on January 29, 2022.
The coin has been on a downward trend since hitting lows of $49.08 on May 12 and $41.16 on June 13.
QNT 110722 Weekly Price ChartOn July 9, QNT experienced a breakout from a seven-month-old falling wedge pattern that had been preventing a bullish recovery from taking place.
The Quant token then rebounded from its bottom support trendline, leading it to the $89 level on July 10. At the start of the week, on July 5, it had been trading as low as $56.77, which represents a 56% increase in the space of five days.
The coin is currently trading at $75.90 and ranks 49th in the list of cryptocurrencies worldwide by market capitalisation at $928 million. Its price is down 9.51% in the last 24 hours.
QNT 110722 Daily Price Chart
Technical Indicators
QNT’s moving averages have completed a bullish crossover and the relative strength index (RSI) is in the positive zone at 62.7.
An RSI reading of 30 or below indicates an oversold or undervalued condition, while a reading above 70 would suggest the asset is becoming overvalued or overbought.
In fact, the daily simple and exponential moving averages (EMA) are giving mostly buy signals. If its price rebounds off the 20-day EMA, it would increase the likelihood of a potential rally to the psychological level of $100. However, this possibility would be invalidated in the short-term if QNT falls below $67.
Overall, technical analysis shows that short-term sentiment on QNT is bearish, with 11 indicators displaying bullish signals compared to 17 bearish signals at the time of writing.
In terms of a Quant crypto price prediction, QNT could see its price rising to $104.031 by August 2022, reaching $71.722 in January 2024 and increasing to $46.840 by January 2025.
About the Author
Mohadesa Najumiauthor
Mohadesa Najumi is a British writer who has worked within crypto, forex, financial technology, and the stock market industry. Mohadesa received her MSc in Political Science and International Relations at the University of Amsterdam.
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