Quant (QNT) Gains Over 34% In A Turbulent Week For Others
18 Octobre 2022 - 2:39AM
NEWSBTC
Quant (QNT) is the first blockchain OS that enjoyed continued gains
in the last week despite other coins facing turbulent times. The
top-30 coin has enjoyed a five-day upswing, gaining over 34%. As of
writing, Quant’s price is trading at $198, although it broke its
$206 resistance during the day. The token is experiencing a
resurgence that has seen it beat Bitcoin (BTC) and Ethereum (ETH)
over the same period. However, it’s still trading at about 50%
below its all-time high of $427.42. Related Reading: Crypto Won’t
See Bull-Run Anytime Soon, This Expert Explains Why Why Is Quant
Gaining So Much? Santiment, a blockchain analytics startup,
attributes QNT’s increase to “Volume, daily active addresses, and
whale accumulation.” The company also said that whales had amassed
15% of the currency in just 5 months. Intotheblock data reveals
that around sixty percent of coin holders acquired their coins
between one and twelve months ago. However, it appears that the
network’s recent changes are what piqued the interest of a new
generation of holders. The network introduced the Tokenise
mechanism in June, enabling the production of QRC20 tokens
compatible with ERC20 tokens. The network also supported the QRC721
standard, allowing users to build and deploy safe, interoperable
non-fungible tokens on its blockchain. Lunar Crush’s data also
suggests that social media generally has positive attitudes toward
the currency. Quant’s social mentions and interactions increased by
43.24% and 64.57% in the last week, respectively. What The Charts
Say About Quant Quant coin price is increasing with the help of a
rounding bottom pattern on the daily time frame chart. This bullish
pattern is common at market lows. In principle, its U shape
indicates a turnaround in investor confidence following a decline.
Furthermore, the current upswing began when the price reversed from
$42.7 on June 18. As a result, the value of one Quant coin
increased by 430% in just four short months. Quant, however, has
been on a five-day winning streak while most of the leading
cryptocurrencies battle with uncertainty. In addition, the rising
amount of trades shows that buyers and sellers are becoming
increasingly enthusiastic. Additionally, the altcoin jumped by 12%
today and decisively broke through the previously mentioned
resistance level of $206. This breakthrough provides buyers solid
ground to stand on, which could keep this rally going for another
10.84% to $240. However, Quant’s price saw extreme buying in a
short period, which is unsustainable for longer bull runs. As a
result, a correction in pricing is anticipated to happen soon.
TradingView Expert Says Quant Is Overbought Meanwhile, a
Tradingview expert remarked that Quant had entered the overbought
region. The asset’s Relative Strength Index (RSI) was greater than
75. Typically, a score on the RSI of more than 70 suggests an asset
is overbought. Then, a score of less than 30 indicates that the
asset is oversold. Related Reading: A Bullish Week In Bitcoin On
The Way? BTCUSD Analysis October 17, 2022 Overbought conditions on
the daily RSI indicate excessive purchasing, and a correction phase
is needed to stabilize prices. The rising EMAs (20, 50, 100, and
200) may provide sufficient support to restart the current uptrend
after a likely correction. Featured image from Pixabay and chart
from TradingView.com
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