Quant Token registers gains in the past 24 hours and exited from the seventh-month falling wedge formation so with the retest phase continuing, the buyers will verify the legitimacy of the breakout so let’s read more today in our altcoin news.
The Quant token registers gains in one day and QNT is the native crypto of the Quant Network which facilitates the interoperability of the blockchain. Monday’s trade price for the token was $75.71 which is a decrease of 10% in the past week as per the statistics from CoinGecko. If the price holds over $77.5 the altcoin can extend the current recovery.
Quant increased quite a bit over the previous week which signals that a bottom might have to be around the corner. The pace increased as the buyers boosted the price above $67. the moving averages accomplished a bullish confluence and the RSI is in the positive region which indicates a potential trend reversal. After two months, a huge price increase is what pushed QNT above the $67 threshold, and as the bulls forced their way ahead with the coin’s price passing the $75 barrier. If the bullish momentum is sustained this week, the next price levels to monitor will be set at $89 and $100 so near $90 the uptrend is encountering quite the obstacle.
In the meantime, the volumes grew in the past few sessions which resulted in an increase in volatility so the investors should wait until the price resolves before making transactions. The sellers are seeking to halt the uptrend at $90 but the sloping moving averages and the strong RSI singles that the bulls have the advantage. If the price of QNT recovers from the 20 moving average, the buyers can push the price back to $90, and breaking above it could indicate the restart of the short-term upswing.
In the falling pattern, the QNT/USDT pair shows a continued downward trend and for seven months the price of the coin dropped in this pattern and denied the bullish resurgence. In addition to the bull cycle inside the pattern started on June 17 while the QNT price rallied and the bullish surge boosted the market value to $75. Quant reached a new high of $427 in 2021 which is a far cry from the current price of $75 and the tokens’ price reached a new low of $0.215 in 2018. the recent price activity for Quant resulted in the market cap for the token which surpassed $1.8 billion.
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