Major crypto assets are not showing any significant upside in price. As such, it is hard to keep track of the top gainers in the crypto market. Still, a coin has shown impressive price action over major crypto assets.
The past week has been interesting for Quant ($QNT) despite the cryptocurrency market’s fall in price. $QNT is one of the few tokens to increase despite top coins bleeding. Considering this chart, the overall price movement for QNT looks exceptionally bullish.
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This article provides technical insights into Quant token price. Also, it gives a brief overview of Quant token, which could be of great value to potential crypto enthusiasts and investors. Take a look.
Technical Analysis of Quant price
The weekly chart shows the bullish movement of Quant. The price has broken out from a descending resistance line that had been in place since September. Furthermore, the breakout occurred after the price bounced at the long-term $40 horizontal support area.
Currently, the price is gearing up for an attempt at breaking out. So far, QNT has reached a high of $119, only slightly below the $150 horizontal resistance area. Since the weekly RSI has already broken out, the price will likely reclaim the $150 area.
The daily chart also provides a bullish outlook. The token has been following an ascending support line since June 13. It made a recent bounce on the support line on September 6. Afterward, the price reclaimed the $110 horizontal resistance area and is approaching the next resistance at $130.
Quant launched its token, QNT, in 2018. The token started trading at about 27 cents; by 2021, it reached nearly $12. It hit a high of $428 in September 2021 but fell to below $100 by February 2022.
At launch, Quat burned 9.5 million due to low ICO sales bringing its total supply to 14.6 million by April 2019. The supply is fixed, although the circulating supply may decrease when tokens are locked into Quant’s services.
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The Quant Network lets blockchain developers launch their multi-DLT dapps (mDApps) on several blockchains at once. This interoperability prevents the risk that a developer will devote time and money to building on a blockchain that fades from popularity in a few years.
Featured image from Pixabay and chart from TradingView.com