On Saturday, the price of Quant (QNT) extricated from the seven-month-old falling wedge formation. With the continuing retest phase on Monday, buyers will verify the legitimacy of the breakout.
QNT is the native cryptocurrency of the Quant Network, a blockchain platform that facilitates the interoperability of blockchains.
Monday’s trade price for QNT is $75.71, a decrease of 10.2 percent over the last seven days, according to statistics from Coingecko. Therefore, if the price holds over $77.5, the altcoin could extend the current recovery.
Quant (QNT) has increased significantly over the previous week, signaling that a bottom may just be around the corner. The pace increased as purchasers drove the price above $67.
Moving averages have accomplished a bullish confluence, and the relative strength index is in the positive region, indicating a potential trend reversal.
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Quant Barrels Past $75 Barrier
After nearly two months, a huge price increase pushed QNT past the $67 threshold. As QNT bulls forced their way forward, the coin’s price increased, passing the $75 barrier.
If bullish momentum sustains this week, the next important price levels to monitor will be $89 and $100. Near $90, the uptrend is encountering a formidable obstacle.
Meanwhile, volumes have grown over the last several sessions, resulting in an increase in volatility; therefore, investors should wait until the price resolves before placing transactions.
The sellers are seeking to halt the uptrend at $90, but the upward-sloping moving averages and strong relative strength index signals that the bulls have the edge.
QNT total market cap at $911 million on the daily chart | Source: TradingView.com
QNT Sees Short-Term Upswing
If the price of QNT recovers from the 20 exponential moving average, buyers could push the price back up to $90. A break and closing above this psychological barrier could indicate the restart of the short-term upswing.
In a falling pattern, the QNT/USDT pair displays its continued downward trend. For nearly seven months, the price of the coin fell within this pattern, denying a substantial bullish resurgence.
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In addition, the bull cycle inside the pattern began on June 17, when the QNT price rallied from the trendline of support at its lowest point. As a result, the bullish surge boosted the market value to past $75.
Quant reached a record high of $427 on September 11, 2021 – a far cry from its current price of $75.71. The token’s price reached an all-time low of $0.215 on August 23, 2018.
Recent price activity for Quant has resulted in a market capitalization for the token that exceeds $1.8 billion. This year, QNT has experienced a change of -57.80 percent.
Featured image from Coinpedia, chart from TradingView.com