Quant (QNT) has remained one of the most promising cryptocurrencies in the market, and it has remained relatively bullish in recent weeks despite the overall bearish run in the crypto market. Throughout the year, the price of Quant (QNT) declined by around 80%, where it reached as low as $40 in June of this year.
After finding support there, QNT started increasing at larger rates. Initially, it increased by more than 200% during summer. After hitting resistance at around $133, the price had a retracement of 34%, finding support at $87.
More recently, QNT has been increasing once again. In the last few weeks, the price of QNT has increased by more than 80%, suggesting that the trend is now upward. Currently, QNT is facing resistance at the $160 zone.
While QNT is bullish at the moment, there are various technical and fundamental factors that must be taken into consideration when predicting the price for the coming weeks.
Quant (QNT) Technical Analysis
The QNT/USDT 1-Day chart suggests that the trend is now upward. The good thing about the increase in the price of QNT is that it did not happen overnight. Instead, through various retracements, the price has increased vastly in the last few weeks, indicating a healthy and less greedy growth in the price of QNT.
Though the price could retrace again soon, QNT remains bullish in the short run. QNT could continue to rise in the coming weeks if it maintains this momentum.
As for the long run, QNT is quite far when it comes to reversing the trend. Still, QNT is performing quite well judging by the current nature of the cryptocurrency market.
The Fibonacci retracement levels suggest that the 38.2% level could prove to be a very strong zone of support because it coincides with the resistance in the previous swing high of Quant.
The fear and greed index suggests that QNT traders are relatively greedy. While greed entails bullish tendencies, QNT holders need to be careful if the index shows signs of extreme greed. However, since QNT has had relatively healthy growth given the numerous retracements it had to get where it is now, it is unlikely for fear to overcome QNT traders.
The RSI of a 1-day chart is currently above 70, meaning that QNT is slightly overbought at the moment. Because of that, we could expect a retracement in the price of QNT in the short run, perhaps at one of the Fibonacci levels.
The MACD line of a 1-day chart is currently above the signal line and quite above the baseline, meaning that the momentum is quite bullish for QNT. While the buying pressure remains high, the lines have slightly converged recently, hinting at a retracement and at a potential reversal. The former is more likely to occur when looking at all other indicators.
The 20-MA and 50-MA lines of a 1-day chart are below the current price of QNT, indicating that the trend is bullish and that the price may keep continuing in this manner in the coming weeks. The 9-EMA of a 1-day chart is also below the current price of QNT, suggesting that QNT could have natural support at the EMA line if a retracement is set to happen.
Quant (QNT) Fundamental Analysis
Despite all the technical factors, the main reason why QNT has been increasing lately is fundamental factors.
To start with, the Quant blockchain has been a vocal proponent of CBDCs and their development. The Quant team was recently present at Sibos, the world’s biggest financial services conference in the world. The event is hosted by SWIFT, suggesting the importance and magnitude of this event.
Because of this conference, Quant has been getting a lot of institutional support lately, both in monetary terms as well as in social media. That explains the recent surge in the price of QNT.
Even though many people are against CBDCs because of the centralized nature that they entail, the fact that the Quant Network may have considerable shares of these CBDCs can do wonders for the development of the Quant Network and the QNT token.
Our take on #CentralBankDigitalCurrencies?
Implemented with consideration for security, privacy and proper interoperability, CBDCs will empower governments and their citizens alike.
— Quant at Sibos 2022 (@quant_network) October 7, 2022
QNT Price Prediction
Based on this price analysis on Quant (QNT), QNT is currently bullish in the short run. Both technical and fundamental factors suggest that the price may increase in the coming weeks.
QNT could potentially aim for $200 in the coming days, given that it maintains the same momentum as in recent weeks. Considering the increased support that it is getting from institutional investors, QNT may even go beyond that in the coming weeks.
As for the longer run, QNT has immense potential. While it is too early to speak now about its potential price, QNT is likely to reach new all-time highs in the future, especially after the upcoming BTC halvings.
- Quant is performing quite well in the crypto market at the moment.
- The price has increased by more than 80% in the last few weeks.
- Technical factors suggest that the momentum is bullish for QNT.
- Quant Network has gained more institutional support because of the former’s involvement with CBDCs.
- The price of QNT could reach $200 in the short run.