Quant (QNT) rises more than 15% in just a single day!
In the bear phase of this market, most cryptocurrencies have been observing an outflow and retail investors are worried about investing in cryptocurrencies for the long term. However, Quant is an Ethereum-based cryptocurrency still bullish even in this bear phase.
Quant helps to make global information exchange smooth and seamless with its interoperability functions. The over-ledger facility allows digital access to applications and services on this network, which drives the price up for this native token QNT. Enterprises and developers pay access fees in QNT to use these features.
The cryptocurrency is currently ranked 28th based on the market cap, especially after a gain of more than 15%. During the Ethereum Merge upgrade, most top-level cryptocurrencies were in the news, but Quant overshadowed them with its short-term appreciation. The bullish momentum started in June. After that, it formed higher highs to capitalize on the momentum.
Market experts think the positive development is due to the announcement of tokenization products. It will allow developers to create interoperable tokens on Ethereum, Polygon, and XDC. Quant has announced a non-fungible token standard, QRC-721, for this tokenization mission. Quant could be a game changer if it undertakes the Central Bank Digital Currencies mission. Is it the best time to invest in QNT? Find out in our Quant forecast!
At the time of writing this post, QNT was trading around $206.94, which is around the resistance level. After taking support for around $95, Quant has been in an uptrend, and we think it will break the resistance and reach a target of $280 in the short term.
It has broken the upper range of the Bollinger Bands, RSI is over 80, and MACD is also bullish, suggesting strong bullishness for the short term. It is true that QNT can be risky to invest at such a high level because if it changes the momentum, it will take another support of around $150. if you want to take the risk, you can invest for the short term with a strict target.
The Quant coin is bullish even for the long term because most technical indicators are now positive. $225 is a strong resistance for the long term, so you should wait until it crosses the label decisively. QNT may come down to the level of $150, which can be a good time to buy for the long term. It has formed a higher low around the level of $95 (previous low around $48), suggesting strong bullish momentum for the long term.