Such behavior could be attributed to improving economic conditions and recent improvements in the Quant Network.
Like most cryptocurrencies, Quant (QNT) has seen a considerable price rise in recent weeks. The token has added more than 8.24% in the last 24 hours.
Even the broader cryptocurrency market has recently seen a huge improvement in its prices. The reports revealed that the cryptocurrency market outperformed the traditional stock market.
QNT saw a 14-day gain of 26.8% and a 7-day price rise of 7.58%. These performances could be attributed to improving economic conditions and recent improvements in the Quant Network.
Factors that Could Be Driving Quantitative Price
Quant Network is an interoperability enabling platform launched to connect various Blockchains effectively. The Quant token price often moves in response to changes in the US economy.
As an example, the Consumer Price Index (CPI) for December at 6.5% showed a value in line with market expectations. The CPI is a metric in the United States that measures inflation. A higher CPI means high inflation, while a lower value indicates a reduction. The crypto market had positive sentiments ahead of the CPI release, which boosted the sector, including QNT.
In recent weeks, Quant has shown signs of breaking out of the descending channel. A move above the descending channel often indicates a potential breakout, sending the price higher. This trend could also be one of the factors influencing Quant’s rally.
The data indicates that Quant could have seen a double bottom on the daily time frame, while the cryptocurrency broke out of a channel that pushed price action higher.
Additionally, Quant oscillators and the 7-day moving average are currently showing strong buying. It could be among the factors driving the price of QNT higher. Furthermore, the fear and greed index is neutral.
The latest developments at the Quant Network could also be among the factors driving asset prices higher. The quantum network designs secure bridges for the transfer of goods. Bridges are networks used for the transfer of assets from one network to another. But it is well known that bridges are often susceptible to hacker attacks.
Quantitative Price Predictions, Will It Keep Rising?
QNT is currently trading at $154.91. The coin is above its 50 and 200-day simple moving average (SMA). A golden cross is likely to form in the coming weeks if the 50-day SMA crosses the 200-day SMA.
Quant’s support levels are $137.30, $139.09, and $141.27. It has broken its resistance levels at $145.24, $147.02 and $149.21. The token is currently under bullish pressure. A new resistance will form at the $164.67 level, and the old resistance levels will turn into support. The formation of a long green candle today shows that the bulls have controlled most of the trading activity.
Quant’s Relative Strength Index (RSI) reading is 72.97, which is in the overbought region. That is also a bullish sign. The MACD (moving average convergence/divergence) is now above the signal line and is showing positive readings. Expect the positive trend to continue for a few more weeks. Although the token might see a slight price correction, it will remain bullish in the short term.
It is worth considering that altcoins are relatively volatile and can deviate from a predicted trend. Furthermore, an altcoin that loses half its value must recover 100% to return to its original price. However, they do provide opportunities for traders who love volatile markets to benefit from proper risk management techniques.
By Audy Castaneda
