Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Quant (QNT), a cryptocurrency with a total market cap of $1.88 billion, is outperforming some of the more popular altcoins out there, going up by 10% during the last seven days.
According to latest tracking from Coingecko, at the time of this writing, the altcoin is changing hands at $129.88 and is in the midst of a 22.5% increase over the previous two weeks.
At a glance:
- Quant has established important support zones of $111.5 and $100
- QNT may soon test the $157 resistance territory
- The altcoin is enjoying a weekly gain of 10%
Prior to the crypto market woes that were brought about by the collapse of the FTX exchange platform, the digital asset was enjoying a good run above the $160 region.
After the exchange imploded, QNT was hit very hard, diving all the way down to $95.28 on November 14. Since then, the digital coin has done a great job of bouncing back to reclaim and sustain the $100 territory.
Over the last few days, Quant’s price action formed an ascending triangle pattern which indicates more bullish activity from the 30th largest cryptocurrency in terms of overall valuation.
A Possible Push Beyond $150 Zone For QNT
With its Relative Strength Index (RSI) positioned above the neutral zone, there is indeed a positive outlook for the trajectory of Quant price.
Source: TradingView
On three different occasions, QNT has already tested its support and resistance trendlines of $128-$125, indicating that traders have active participation for the asset’s technical set-up.
The asset, on December 2, made a decisive push beyond the set resistance neckline of $128, triggering the bullish run that comes with its current price action pattern.
Combining with the definitive increase in QNT trading volume, this momentum is expected to kickstart a strong surge of 18.5% to catapult the asset all the way up to the $155 resistance region.
Traders and those who are considering buying right now, however, need to keep a close eye on the altcoin as the bullish thesis will be nullified in the event of a price dump that pulls Quant below its support zones of $111.5 and $100.
Worst Case Scenario For Quant
Should the digital coin fail to capitalize on its current momentum and do fall below the crucial support territory, Coincodex predicts a sharp decline for its trading price.
If this unfolds, within the next five days, Quant will most likely decrease its value by almost 27% to change hands at $95.77.
Meanwhile, after such price dump, the asset is seen to once again mount a recovery to trim its losses. The online crypto information provider predicts that during the next 30 days, QNT will possess a trading price of $101.58
QNT total market cap at $1.5 billion on the daily chart | Featured image: Motivation Grid, Chart: TradingView.com
